American Tower Ended 2017 With Solid Growth but Weaker-Than-Expected Profitability; $125 FVE Intact
American Tower ended 2017 with solid performance, where top-line growth was in line with our expectations but adjusted EBITDA margin was a bit light. More rapid technology advancement and carrier consolidation in India is leading to higher levels of near-term churn than expected, but we think it leaves the longer-term international growth story unaffected. The company offered 2018 guidance that is largely in line with our existing projections, and we will maintain our $125 fair value estimate 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.
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