Melco’s 2Q Earnings Aided by Altira and Better Overseas Performance; FVE Unchanged at $22
Narrow-moat Melco Resorts reported adjusted EBITDA of $322 million in second-quarter 2018, down 15% sequentially due to weaker performance from City of Dreams Macau and Studio City. First-half adjusted EBITDA of $703 million was 14% higher year over year, accounting for 46% of our previous full-year forecast. We expect a better second-half performance on the back of stronger contribution by Morpheus and normalization of luck factor. As such, we maintain our long-term DCF-driven fair value estima...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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