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UNITED TECH. NYSE-UTX 141.45 19.2 P/E () YLD 1.07 2.0% ...

32020016012010080604018 Percentsharestraded1284 Target Price Range2021 2022 2023 UNITED 9/28/18 SAFETY1 Raised 5/9/97 TECHNICAL3 Lowered 9/21 ( = Market)2021-23 PROJECTIONSAnn l TotalPrice GainReturnHigh180 (+25%)8%Low150 (+5%)4%Insider DecisionsDJFMAMJJAto Buy000001000 Options329022021to Sell301013021 Institutional Decisions4Q20171Q20182Q2018to Buy666752771to Sell666787752 Hld s(000)645814 658681 659114 TOT. RETURN 9/18 THISVL ARITH.*STOCKINDEX1 STRUCTURE as of 6/30/18 Total Debt$ in 5 Yrs$ Debt$ Interest$ bill.(45% of Cap l)Annual RentalsLeases, uncapitalized $498 Assets-12/17$ $ StockNoneCommon Stock800,093,285 sharesMARKET CAP: $113 billion (Large Cap)CURRENT POSITION 20162017 6/30/18($MILL.)Cash Assets7157898511068 Receivables114811259511973 Inventory (Avg Cst)870498818979 Other120813974536 Current Assets285503285836556 Accts Payable748395799623 Debt Due220424961063 Other122191231614382 Current RATES PastPast Est d 15- 17of change (per sh)10 21- Cash Flow REVENUES ($ mill.)

320 200 160 120 100 80 60 40 18 Percent shares traded 12 8 4 Target Price Range 2021 2022 2023 UNITED TECH. NYSE-UTX 141.45 19.2 20.0 15.0 1.07 2.0% TIMELINESS 3 Raised 9/28/18 SAFETY 1 Raised 5/9/97 TECHNICAL 3 Lowered 9/21/18 BETA 1.00 (1.00 = Market) 2021-23 PROJECTIONS

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Transcription of UNITED TECH. NYSE-UTX 141.45 19.2 P/E () YLD 1.07 2.0% ...

1 32020016012010080604018 Percentsharestraded1284 Target Price Range2021 2022 2023 UNITED 9/28/18 SAFETY1 Raised 5/9/97 TECHNICAL3 Lowered 9/21 ( = Market)2021-23 PROJECTIONSAnn l TotalPrice GainReturnHigh180 (+25%)8%Low150 (+5%)4%Insider DecisionsDJFMAMJJAto Buy000001000 Options329022021to Sell301013021 Institutional Decisions4Q20171Q20182Q2018to Buy666752771to Sell666787752 Hld s(000)645814 658681 659114 TOT. RETURN 9/18 THISVL ARITH.*STOCKINDEX1 STRUCTURE as of 6/30/18 Total Debt$ in 5 Yrs$ Debt$ Interest$ bill.(45% of Cap l)Annual RentalsLeases, uncapitalized $498 Assets-12/17$ $ StockNoneCommon Stock800,093,285 sharesMARKET CAP: $113 billion (Large Cap)CURRENT POSITION 20162017 6/30/18($MILL.)Cash Assets7157898511068 Receivables114811259511973 Inventory (Avg Cst)870498818979 Other120813974536 Current Assets285503285836556 Accts Payable748395799623 Debt Due220424961063 Other122191231614382 Current RATES PastPast Est d 15- 17of change (per sh)10 21- Cash Flow REVENUES ($ mill.)

2 16403 64510201916075 17530 17000 17205 67810 Cal-FullendarYearEARNINGS PER DIVIDENDS PAIDB 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2017 2018 2019 VALUE LINE PUB. per Cash Flow per per ds Decl d per shB l Spending per Value per Shs Outst figures areValue LineestimatesAvg Ann l P/E P/E Ann l Div d 67810 Revenues ($mill) 2500 Depreciation ($mill) 6200 Net Profit ($mill) Tax Profit 12500 Working Cap l ($mill)13800216972498927000 26500 Long-Term Debt ($mill)22750275792961032750 35300 Shr. Equity ($mill) on Total Cap on Shr. to Com Div ds to Net Prof33%Company s Financial StrengthA++Stock s Price Stability100 Price Growth Persistence50 Earnings Predictability90(A)Diluted EPS. Excludes charges and discon-tinued operations: 04, 15 , 05, 6 , 12, 32 , 13, 4 , 16, 49 ; 17, 90.

3 Quarterly figuresmay not sum due to rounding and/or changesin share count. Next earnings report due be-tween October 22nd and 26th.(B)Dividends historically paid in early March,June, September, and December. Dividendreinvestment plan available.(C)Includes intangibles. In 2017: $ billion,$ a share.(D)In : UNITED Technologies Corp. operates in four businesssegments:Pratt & Whitney(revenues of $ billion in 17) makesand services commercial and military aircraft engines;Otis($ ) the world s largest manufacturer and servicer of elevatorsand escalators;UTC Climate($ billion) makes heating, ventilat-ing, and air-conditioning (HVAC) equipment;UTC Aerospace($ billion) produces aerospace and industrial products. Ac-quired Goodrich (aerospace) 7/12, sold Sikorsky (helicopters) in2015. Dirs. & offs. own less than 1% of common; State Street, ; Vanguard, ; BlackRock, (3/18 proxy).

4 Employ-ees: 205,000. CEO: Gregory J. Hayes. Inc.: DE. Addr.: 1 FinancialPlaza, Hartford, CT 06101. Tel.: 860-728-7000. Web: Technologies stock is runninghot on an improved earnings outlookand breakup sharenet trumped both our and Wall Street s es-timates. Too, management upped its ex-pectations for the full-year bottom there is more to the recent price surgeinto the $140s, and to an all-time high forUTX. The Rockwell Collins purchase wasnearing completion as this Issue went topress, and soon after, leadership is set toannounce the findings of its ongoing stra-tegic review of operations. Recent com-mentary points to the announcement of abreakup plan to unlock shareholder valuebeing in the are coming around on the idea ofsplitting up the havestated that the best time for a breakup iswhen there is a piece of the portfolio thatis neglected. We do not have a case likethat on our hands here.

5 Regardless, theundervaluation of UNITED versus its peersis getting more pronounced, even as a ris-ing stock market has lifted most , General Electric has given the con-glomerate style a black eye of late andfortified the case for a division of UTX smany sizable parts. Add to this, activisthedge funds are now on board, and it isvery clear they are here because they wantthe company busted into numerous our view, UTX would be split into three;an aerospace arm, and stand-alone compa-nies for the Otis elevator brand and theClimate & Controls unit. One item thathas some parties still against the breakupis the cost of such moves, which we havepegged at between $3 billion and $4 bil-lion. However, CEO Gregory Hayes has in-timated that value creation will offsetthese expenses over 2018 earnings estimate is a dimehigher now, or $ a reliefat a time where operations are sound isproviding a boost to share net.

6 For nextyear, a climb to $ is doable given thestrong global economic high-quality shares do not haveall that much investment appeal atsuch lofty dividend isabout average, but appreciation potentialis subpar. More appealing options areavailable in the industrial diversified fieldat this M. ManningOctober 12, x Cash Flow Price Strength2-for-1 split 6/05 Options: YesShaded area indicates recession 2018 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber s own, non-commercial, internal use. No partof it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or subscribe call 1-800-VALUELINERECENTPRICEP/ERATIORELATI VEP/E RATIODIV DYLD()Trailing:Median:VALUELINE


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