Retailer Weakness: Alliance Data Systems' Greatest Friend and Enemy
Narrow-moat Alliance Data Systems announced its first-ever quarterly dividend while posting a particularly strong third quarter driven by impressive card growth and an increase in rewards redemption within LoyaltyOne. In addition, the company raised 2017 sales guidance to $7.2 billion from $7.15 billion. This is not a surprise to us. Currently, we are projecting that 2017 sales will finish closer to $7.3 billion, with GAAP EPS of $12.25. We are raising our fair value estimate to $260 from $250 t...Alliance Data Systems is a provider of data-driven marketing and loyalty solutions. The company operates in two segments: LoyaltyOne? and Card Services. LoyaltyOne provides coalition and short-term loyalty programs through the Canadian AIR MILES? Reward Program and BrandLoyalty Group B.V. Card Services encompasses credit card processing, billing and payment processing, customer care and collections services for private label retailers as well as private label and co-brand retail credit card and loan receivables financing, including securitization and other funding of certain credit card and loan receivables that it underwrites from its private label and co-brand retail credit card programs.
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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