Alliance's growth has been impressive, but we worry about approaching headwinds.
We were pleasantly surprised by narrow-moat Alliance Data Systems' finish to 2017. Specifically, during the fourth quarter, LoyaltyOne’s revenue and margins bounced back better than we had anticipated. It appears ADS’ Air Miles business is recovering from last year’s Canada debacle. However, BrandLoyalty is still struggling. Regardless, this is a smaller segment and it doesn’t change our long-term view of Alliance Data Systems, which depends more on performance within credit services. For the fo...
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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