Wesco Encounters Another Sales Slowdown; Shares Look Undervalued Despite the Near-Term Headwind
Following third-quarter earnings results, we are modestly lowering Wesco’s 2016 and 2017 EPS forecast to reflect near-term business sluggishness, but we are maintaining our $69 fair value estimate and narrow moat rating for the company. Reflecting near-term weakness in its construction business, Wesco now expects 2016 sales to decline 2%-3% versus prior expectations for a 0%-2% decline, while EPS guidance fell to $3.75-$3.90 from $3.85-$4.10. Trends for most industrial firms remain choppy, but w...WESCO International is a distributor of products and provider of supply chain management and logistics services used primarily in industrial, construction, utility and commercial, institutional and government markets. The company is a provider of electrical, industrial, and communications maintenance, repair and operating and original equipment manufacturers products, construction materials, and supply chain management and logistics services. The company's primary product categories include general supplies, wire, cable and conduit, communications and security, electrical distribution and controls, lighting and sustainability, and automation, controls and motors.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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