Raising FVE to $910 Due to Expected U.S. Tax Reform; EC Fine Represents Only 0.5% Valuation Risk
We are increasing our fair value estimate of Alphabet to $910 per share, from $860, based on Morningstar’s belief that U.S. corporate tax reform is expected to settle on a 25% tax rate beginning in 2018. We are also incorporating a 10% repatriation tax on overseas cash. In addition, while the European Commission decided to fine Alphabet’s Google approximately $2.7 billion (as announced on June 27) due to what it views as violation of European Union’s antitrust laws, the fine represents only 0.5%...
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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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