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Morningstar‘s Stock Analysis GE

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Is it the right time to buy or sell?
Is it the right time to buy or sell?

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Mixed Third-Quarter Report, but Bright Spots Give Us Confidence in GE’s Valuation

Joshua Aguilar Senior Analyst

Analyst Note

| Joshua Aguilar |

Narrow-moat-rated General Electric produced a mixed third-quarter print, with a little bit of fuel for both the bulls and bears. Nevertheless, we see no reason to alter our $122 fair value estimate, at this juncture. The positive in the report was no doubt the resounding uproar in terms of the commercial aerospace recovery, which is clearly underway at General Electric. On this front, we were pleased, as both commercial engines and services grew at GE. This matters because in prior quarters, GE only managed to grow the service revenue component in commercial aero, so our concern was that margins would revert lower once GE managed to fill engine orders and subsequently book the associated revenue (engines are a loss leader for this business).

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Key Statistics GE

Company Profile GE

Business Description

GE was formed through the combination of two companies in 1892, including one with historical ties to American inventor Thomas Edison. Today, GE is a global leader in air travel, precision health, and in the energy transition. The company is known for its differentiated technology and its massive industrial installed base of equipment sprawled throughout the world. That installed base most notably includes aerospace engines, gas and steam turbines, onshore and offshore wind turbines, as well as medical diagnostic and mobile equipment. GE earns most of its profits on the service revenue of that equipment, which is generally higher-margin. The company is led by former Danaher alum Larry Culp who is leading a multi-year turnaround of the storied conglomerate based on Lean principles.

5 Necco Street
Boston, MA, 02210
T +1 617 443-3000
Industry Specialty Industrial Machinery
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 168,000