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John Bean Technologies Corp JBT

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

No Real Surprises in JBT’s Latest Results; We Maintain Both Our Thesis and Valuation

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

Nothing in narrow-moat-rated JBT’s latest results materially alters our long-term view of the firm. While management revised its earnings guide, we were already modeling above guidance, so this was a negligible step-up in value. Therefore, we maintain our fair value of $112 per share. Time value of money was a valuation tailwind, although Morningstar’s probability adjusted-view of U.S. corporate tax rates in 2022 was about a $1 headwind to our valuation. Coupled with additional capital expenditure requirements given management’s commentary, and any tailwinds were more than offset by these variables (meaning that but-for their impact, we would have raised our valuation by $2 per share).

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Company Profile

Business Description

John Bean Technologies is a mid-cap, diversified industrial conglomerate that spun out of FMC Technologies in August 2008. Over half of JBT’s sales are made in the United States. The firm operates through two segments: JBT FoodTech and JBT AeroTech. FoodTech provides both customized and turnkey industrial solutions for the food and beverage industry, including a large variety of protein processing and packaging solutions, as well as fruit and juice extraction and ready-to-eat solutions. Aerotech sells solutions to airport authorities, passenger airlines, airfreight firms, and defense contractors, among others. These solutions include gate equipment, as well as commercial and military cargo loading, aircraft deicing, and aircraft ground power and cooling system products.

Contact
70 West Madison Street, Suite 4400
Chicago, IL, 60602
T +1 312 861-5900
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 6,200

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