Admiral's Full-Year 2017 Headline Results Are Misleading
Admiral reported full-year results for 2017 that were slightly ahead of our expectations. However, when we make adjustments for more special items, profit came in slightly below our forecast. Overall, we remain slightly cautious on the opaque nature of the business model and the price-comparison-driven distribution. While we will reflect full-year 2017 results and roll our model, we don’t expect a major shift in our fair value estimate. We also maintain our no-moat and stable moat trend ratings....
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.
We have operations in 27 countries.
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