Allegion Has Carved Out a Wide-Moat in Security Products, but Shares Are Fairly Valued
We initiated coverage of Allegion with a wide-moat and stable trend rating and an $81 fair value estimate. Allegion is a global security products company with a portfolio of leading brands, such as Schlage, Von Duprin, and LCN. The Ireland-domiciled company was created via a spin-off transaction from Ingersoll-Rand in December 2013.Allegion’s strong positioning in the Americas has been the main driver of the firm’s consistent and industry-leading profitability. We believe Allegion’s margin per...
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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