American Express Benefits From Market Tailwinds and Cost-Cutting Despite Growing Competition
American Express maintained flat adjusted earnings of $1.24 over the past 12 months despite the loss of its Costco relationship, as the firm benefited from growth in consumer spending, cost-cutting initiatives, and near-pristine credit performance. We are maintaining our $76 fair value estimate for the wide-moat firm, as we think the company still has work to do in adapting its strategy for a changing payment environment. In particular, American Express is competing against aggressive rewards of...American Express is a payments company. The company is engaged in providing credit and charge cards to consumers, small businesses, mid-sized companies and corporations. The company's reportable operating segments are: Global Consumer Services Group, which provides services to consumers, including travel and lifestyle services; Global Commercial Services, which provides payment and expense management services, as weel as commercial financing products; and Global Merchant and Network Services, which operates a global payments network that processes and settles card transactions, acquires merchants and provides multi-channel marketing programs and capabilities, and services and data analytics.
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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