No-moat Altaba's main holding remains Alibaba.
We are increasing our fair value estimate for Altaba as Morningstar raised the fair value estimate for the firm’s main holding, Alibaba, to $240 per ADS from $210. This increase, which was offset partially by Morningstar’s lower valuation of Yahoo Japan, pushed our Altaba fair value estimate to $98 per share from $87. In addition, the firm remains on path to return capital to its shareholders, announcing a tender offer to repurchase its shares in exchange for Alibaba shares and cash. Based on th...Altaba is a publicly traded, non-diversified, closed-end management investment company. The company's investment objective is to seek to increase the price per share at which it trades relative to then-existing values of its principal underlying assets (the Alibaba Group Holding Limited (Alibaba) ordinary shares and American Depositary Shares and Yahoo Japan Corporation (Yahoo Japan) shares of common stock). In addition to the Alibaba shares and Yahoo Japan shares, the company also owns investments in certain additional companies Excalibur IP, LLC, which owns a portfolio of patent assets and short-term investments.
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.
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