Continued challenges in the mining markets have eroded Joy Global's mo...

We reiterate our $28.30 fair value estimate for no-moat Joy Global. Although the company suspended updating guidance after announcing a sale to Komatsu, full-year results were in line with prior guidance for $2.4 billion-$2.6 billion of sales, $0.10-$0.50 of EPS, and $200 million of free cash flow. Actual results were for $2.4 billion of sales, $0.13 of adjusted EPS, and $211 million of free cash flow, or $ $264 million when including $53 million of sales proceeds from restructuring-oriented pla...