Joshua Aguilar

Joshua Aguilar is a director for Morningstar.

More From Joshua Aguilar

We increase our General Electric fair value estimate to $15.10 from $14.10 previously, primarily due to interest rate tailwinds in GE’s pension liability, as well as time value of money.

GE’s 2021 industrial free cash flow guide calls for $2.5 billion to $4.5 billion of industrial free cash flow, above our prior expectations. As a result, we are raising our fair value estimate.

We raise our fair value estimate to $180 per share, from $166 previously. It is our hope that the company continues to deliver on growth once again and re-earn both its premium multiple and reputation as a reliable short-cycle business, whose stocks are best to buy in the early parts of the cycle.

After reviewing wide-moat-rated 3M’s latest second-quarter 2020 results, we slightly lower our fair value estimate by about 2% to $166 per share (from $170 previously).

We maintain our valuation for now as GE’s 2020 outlook is in line with our expectations for revenue, adjusted EPS, and industrial free cash flow.

It may not be a pound-the-table bargain, but we like it as a defensive stock.

We don't think so, and we're still confident in CEO Larry Culp.

More About Joshua Aguilar

Joshua Aguilar is a director, resources, for Morningstar. After covering multi-industrial conglomerates and financial-services firms, Aguilar assumed coverage of exploration and production firms in the oil and gas industry.

Before joining Morningstar in 2016, Aguilar was a practicing business transactional attorney in Florida. Aguilar joined Morningstar as an associate analyst on the financials team, was promoted to analyst on the industrials team in 2018, and senior analyst in 2022. He has also served as Morningstar's associates coordinator since 2021 and led diversity efforts as DEI co-chair since 2020. Aguilar has served as a key mentor to several associates on their path to becoming analysts. He has also hosted a Morningstar earnings town hall, participated in analyzing MORN, and been a strong contributor through both client interactions and his GE stock call. Aguilar co-authored an Outstanding Research Achievement-winning piece with Kris Inton on CEO compensation in 2021. He has also taught the model to new hires for many years as part of the valuation committee.

Aguilar graduated magna cum laude with a bachelor's degree in political science and criminology from the University of Florida. He also has a Master of Business Administration from Rollins College and a Juris Doctor from Wake Forest University. Aguilar remains an active member of the Florida Bar Association.

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