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ITT Inc - Stock Quote ITT

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Morningstar's ITT Inc Stock Analysis

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Is it the right time to buy or sell?

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ITT’s Investor Day Reveals New Insights, but Our Conclusion Remains the Same: Stock Is a Bargain

Joshua Aguilar Senior Analyst

Analyst Note

| Joshua Aguilar |

After reviewing ITT’s investor day materials, nothing materially changes our investment conclusion. We were encouraged that management reiterated many of the same convictions we’ve held. These include friction technologies’ delivery times relative to competitors, its material science expertise, its strong brake pad market share (about 28% of the global market) as well as its consistent outperformance (800 basis points) relative to the light vehicle build market. While our numbers had some slight deviations from the company (we were a little higher on both market share and outperformance estimates), they were within a range of reasonableness. We maintain our $100 fair value estimate, and the narrow-moat-rated stock continues to trade at over a 30% discount to our intrinsic value.

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ITT Inc's Company Profile

Business Description

ITT is a diversified industrial conglomerate with nearly $3 billion in sales. After the spinoffs of Xylem and Exelis in 2011, the company’s products primarily include brake pads, shock absorbers, pumps, valves, connectors, and switches. Its customers include original-equipment and Tier 1 manufacturers as well as aftermarket customers. ITT uses a network of approximately 700 independent distributors, which accounts for about one third of overall revenue. Nearly three fourths of the company’s sales are made in North America and Europe. ITT’s primary end markets include automotive, rail, oil and gas, aerospace and defense, chemical, mining, and general industrial.

1133 Westchester Avenue
White Plains, NY, 10604
T +1 914 641-2000
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 9,900

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