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Eaton Corp PLC ETN

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Morningstar’s Analysis

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No Surprises in Eaton's Q3, Despite Market's Ebullient Reaction; We Maintain Our FVE

Joshua Aguilar Senior Analyst

Analyst Note

| Joshua Aguilar |

Nothing in narrow-moat-rated Eaton’s third-quarter results materially alters our long-term view of the stock. While management’s full-year sales guidance came in a touch below our expectations, this was more than offset by better-than-anticipated margins and other moving parts. Therefore, we maintain our $132 fair value estimate.

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Company Profile

Business Description

Eaton is a diversified power management company operating for over 100 years. The company operates through various segments, including electrical products, electrical systems and services, aerospace, vehicle, and most recently eMobility. Eaton’s portfolio can broadly be divided into two halves. One part of its portfolio is housed under its industrial sector umbrella, which serves a large variety of end markets like commercial vehicles, general aviation, and trucks. The other portion is Eaton’s electrical sector portfolio, which serves data centers, utilities, and the residential end market, among others. While the company receives favorable tax treatment as a domiciliary of Ireland, most of its operations take place in the U.S.

30 Pembroke Road, Eaton House
Dublin 4, D04 Y0C2, Ireland
T +353 16372900
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type
Employees 85,000