Raytheon Technologies Corp. (RTX)

Creo hilo para United Technologies, que está en el canderelo por su anuncio de acuerdo de compra de Rockwell Collins

Opiniones para todos los gustos:



Morningstar ha subido el fair value de UTX de 129 a 134 USD.

Yo he aprovechado el bajón de estos días en la cotización para hacer una pequeña compra, 16 acciones por debajo de 110 USD.



United Tecnologies se dividirá en tres empresas independientes. Una de ellas será Otis, muy válida para una estrategia de largo plazo.




Resultados del primer trimestre de 2019:

Y la otra Carrier, aire acondicionado y otros productos


Raytheon & United Technologies Aerospace To Combine In Merger Of Equals

Yesterday, United Technologies Corporation (UTX) and Raytheon (RTN) published joint press releases announcing that they have entered into an agreement to combine in an all-stock merger of equals.

The combined company, which will be named Raytheon Technologies Corporation, will exclude United Technologies’ upcoming spinoffs of Otis and Carrier. Both spinoffs are expected to be separated from United Technologies in the first half of 2020, as previously announced.

Under the terms of the merger agreement, legacy Raytheon shareholders will receive 2.3348 shares in the combined company. Current United Technologies shareholders will own approximately 57% of the combined company while legacy Raytheon shareholders will own approximately 43% of the combined company.

The merger is expected to be completed in the first half of 2020, following the Otis and Carrier spinoffs. Importantly, the merger is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes.

Here’s what Raytheon’s Chairman and Chief Executive Officer, Tom Kennedy, said about the merger of the two companies in the press release:

“Today is an exciting and transformational day for our companies, and one that brings with it tremendous opportunity for our future success. Raytheon Technologies will continue a legacy of innovation with an expanded aerospace and defense portfolio supported by the world’s most dedicated workforce. With our enhanced capabilities, we will deliver value to our customers by anticipating and addressing their most complex challenges, while delivering significant value to shareowners.”

Similarly, United Technologies’ Chairman and Chief Exceutive Officer, Greg Hayes, said:

“The combination of United Technologies and Raytheon will define the future of aerospace and defense. Our two companies have iconic brands that share a long history of innovation, customer focus and proven execution. By joining forces, we will have unsurpassed technology and expanded R&D capabilities that will allow us to invest through business cycles and address our customers’ highest priorities. Merging our portfolios will also deliver cost and revenue synergies that will create long-term value for our customers and shareowners.”

One of the main perceived benefits of this merger is the creation of a world-class research and development organization. Indeed, the combined company will have a research and development budget of approximately $8 billion with seven technology Centers of Excellence and over 60,000 engineers employed.

Raytheon Technologies Corporation will also have impressive financial strength. The combined company expects to capture more than $1 billion in gross annual run-rate cost synergies by year four post-close, while also expecting to return $18 billion to $20 billion of capital to shareholders in the first 36 months following the transaction’s close.

After the transaction’s close, the company expects to operate under four business units:

  • Space & Airborne Systems (legacy Raytheon businesses)
  • Integrated Defense & Missile Systems (legacy Raytheon businesses)
  • Collins Aerospace
  • Pratt & Whitney

At the time of the transaction’s close, net debt for the combined company is expected to be around $26 billion, with the legacy United Technologies business contributing around $24 billion. The merged organization is targeting an ‘A’ category credit rating.

Lastly, let’s briefly discuss the combined company’s proposed leadership team, which is explained in the following excerpt from the press release:

“The combined company’s Board of Directors will be comprised of 15 members, consisting of 8 directors from United Technologies and 7 from Raytheon, with the lead director from Raytheon. Tom Kennedy will be appointed Executive Chairman and Greg Hayes will be named CEO of Raytheon Technologies. Two years following the close of the transaction, Hayes will assume the role of Chairman and CEO.”

The main question that shareholders of either company will have is “is this merger good or bad for my stock?”

Stock-for-stock transactions are notoriously difficult to analyze, but some back-of-the-envelope math can help us understand whether this transaction’s price makes sense for both parties.

First, let’s assume that both companies will roughly achieve their 2019 earnings guidance, which calls for the following:

  • Raytheon (RTN): $3.2 billion of net income
  • United Technologies (UTX): $6.8 billion

Note: Each company actually provides guidance for earnings-per-share, not net income, so these estimates were calculated by multiplying each company’s EPS guidance against its current or forecasted share count.

Adding these numbers together, the pro-forma Raytheon Technologies company should generate annualized net income around $10 billion. Given the 57/43 ownership spit described in yesterday’s press release, the net income attributable to each group of shareholders will be:

  • Legacy Raytheon shareholders: $4.3 billion
  • Legacy United Technologies shareholders: $5.7 billion

On this basis, it appears that Raytheon shareholders will be benefiting enormously from this transaction while legacy United Technologies’ shareholders will actually see the value of their shares decrease after accounting for the dilution associated with the transaction.

Overall, this merger will be transformative for both companies. Looking ahead, both trade above our fair value estimate today. We reiterate our outstanding sell recommendation on United Technologies while also reaffirming our hold recommendation on Raytheon .

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La tenía en mi punto de mira pero ahora con la fusión no se que tal. Según lo que habéis puesto tendrá un poco más del 50% de la empresa resultado de la fusión pero comentan que los accionistas de UTX salen ligeramente perjudicados y los de RTN beneficiados.

Ahora se supone que los precios se moverán al unísono a no ser que haya problemas con la fusión.

Me gusta UTX pero también RTN por ser negocios, defensa y aeroespacial en los cuales no estoy.

United Technologies Reports Second Quarter 2019 Results; Raises 2019 Organic Sales And Adjusted EPS Outlook (23/07/2019)

Second quarter results:

  • Strong sales and operating profit drive United Technologies’ performance in Q2; Recently acquired Rockwell Collins continues to exceed expectations
  • Sales of $19.6 billion, up 18 percent versus prior year including 6 percent organic growth
  • GAAP EPS of $2.20, down 14 percent versus prior year driven by the absence of the Taylor divestiture gain in Q2 2018
  • Adjusted EPS of $2.20, up 12 percent versus prior year

UTC updates its 2019 outlook and now anticipates:

  • Adjusted EPS of $7.90 to $8.05, up from $7.80 to $8.00;*
  • Organic sales growth of 4 to 5 percent, up from 3 to 5 percent;*
  • There is no change in the Company’s previously provided 2019 expectations for sales of $75.5 to $77.0 billion and free cash flow of $4.5 to $5.0 billion, including $1.5 billionof one-time cash payments related to the portfolio separation.
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Shareowners Approve Raytheon and United Technologies Merger of Equals

Raytheon (RTN) and United Technologies (UTX) shareowners voted overwhelmingly to approve all of the proposals necessary to complete the merger of equals transaction combining United Technologies’ aerospace businesses, comprised of Collins Aerospace and Pratt & Whitney, with Raytheon.

The merger would create Raytheon Technologies Corporation, a premier systems provider with advanced technologies to address rapidly growing segments within aerospace and defense.

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United Technologies Reports Third Quarter 2019 Results (22/10/2019)

  • Strong sales and operating profit drive United Technologies’ performance in Q3; Robust cash generation in the quarter;
  • Sales of $19.5 billion, up 18 percent versus prior year including 5 percent organic growth
  • GAAP EPS of $1.33, down 14 percent or $0.21 versus prior year including $0.73 of charges related to Otis and Carrier portfolio separation activities
  • Adjusted EPS of $2.21, up 15 percent versus prior year

UTC updates its 2019 outlook and now anticipates:

  • Adjusted EPS of $8.05 to $8.15, up from $7.90 to $8.05;
  • Sales of $76.0 to $76.5 billion versus the prior outlook of $75.5 to $77.0 billion;
  • Free cash flow of $5.3 to $5.7 billion including $1.0 billion of one-time cash payments related to the portfolio separation, up from $4.5 to $5.0 billion;
  • There is no change in the Company’s previously provided 2019 expectations for organic sales growth of 4 to 5 percent.

2019 Results (28/01/2020)

Fourth Quarter 2019

  • Sales of $19.6 billion, up 8 percent versus prior year, including 1 percent organic growth
  • GAAP EPS of $1.32, up 59 percent versus prior year
  • Adjusted EPS of $1.94, down 1 percent versus prior year

Full Year 2019

  • Sales of $77.0 billion, up 16 percent versus prior year including 5 percent organic growth
  • GAAP EPS of $6.41, down 1 percent versus prior year
  • Adjusted EPS of $8.26, up 9 percent versus prior year

La fusión entre United Technologies y Raytheon es inminente.
UTX segregará (3/4/2020) en dos empresas diferentes la división de ascensores (Otis) y la de aire acondicionado y demás (Carrier). Por cada acción de UTX darán 0,5 acciones de Otis y 1 acción de Carrier.
Después de esta segregación se hará la fusión. La nueva compañía se llamará Raytheon Technologies, con ticker RTX.
Por cada acción de RTN darán 2,3348 acciones de RTX. Las acciones actuales de UTX simplemente se renombrarán a RTX.



En Selfbank se me han canjeado las acciones de UTX por otras de RTX, pero no he recibido ninguna de OTIS ni Carrier.
¿Alguien tenía acciones de UTX en este broker o en algún otro?

Yo tengo RTN (ahora RTX) en ActivoTrade y me ha multiplicado las RTN por 2,3348 tal como comenta AlvaroLP.
Entiendo que no tienes acciones de Otis, ni Carrier porque UTX primero segrega estas 2 empresas de UTX y luego se fusiona con RTN. Por lo tanto, si no tenías acciones de UTX, no te tocan acciones ni de Otis, ni de Carrier.

Lo que ya no tengo tan claro es como tengo que contabilizar la fusión en mi hoja de seguimiento y si tiene algún tipo de repercusión fiscal. Me explico a ver si alguien puede ayudarme ya que es mi primera fusión.

Yo tenía 14 acciones de RTN x 2,3348 = 32,6872 acciones de RTX

Tengo un apunto en ActivoTrade que entiendo que es una venta de las 0,6872 acciones (ya que, que yo sepa, las acciones no se pueden dividir). Doy por hecho que esta parte se contabiliza como una venta más (con pérdidas o ganancias).

Con lo que me quedarían 32 acciones nuevas de RTX.
Mi duda es como contabilizar el cambio de acciones. Entiendo que no llevan ningún coste asociado y que no se considera una venta de RTN y compra de RTX. ¿o sí?

Yo tenía de UTX y ahora solo tengo de RTX, me faltan Otis y Carrier…

Ah!! Pues no se que decirte.
Yo lo decía por la explicación que daba AlvaroLP. Me había parecido entender lo que he explicado en el comentario anterior.

A mi en R4 me sigue figurando UTX, ni rastro de Carrier, Otis ni RTX. Creo recordar que con el spin-off de Kontoor Brands de VFC tuve que esperar bastante hasta que realizaron el cambio. Mal, pero de momento no tengo pensado vender nada, así que tampoco me afecta.
Hasta ahora no he encontrado información para calcular el precio base de las nuevas acciones RTX, OTIS o CARR.

Yo uso numbers para mi hoja de seguimiento y Apple te permite introducir el ticker y te lleva el precio de cierre.
He buscado RTX y me ha salido uno en NASDAQ que coincide perfectamente con el precio de cotización de las nuevas acciones a cierre del viernes: 49,93 $.
A ver si el lunes puedo compruebo que sea correcto.

Quizá esto te pueda ayudar,
para el spin-off de Carrier y Otis:

para la fusión de UTX y RTN:

Un saludo