Illinois Tool Works Inc.


SKU: ITW Category:


This is our first report on industrials giant, Illinois Tool Works. The company delivered an all-around beat in its Q3 results despite the fact that the operating climate is still quite dynamic and challenging. The company achieved a 13% revenue increase on the top line, with 16% organic growth from its core businesses which is a good sign. The MTS merger increased revenue by 3%. Their year-to-date organic growth rate is in line with the management’s long-term market outgrowth target. It is unlikely that there will be any significant improvement in the chip scarcity issue affecting vehicle manufacturing until next year. The management also continues to be more conservative in its guidance, presuming that automobile output will mostly stay at its present levels over the rest of the year. While the recent results were good, Illinois Tool Works is far from being immune to the potential macro problems and uncertainties ahead. We initiate coverage on the stock of Illinois Tool Works with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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