ASOS' Sales Affected by Delivery Disruptions in U.S., Europe Remains Weak; FVE Maintained
We are maintaining our fair value estimate of GBX 3,480 per share for no-moat ASOS as the company reported 11% constant-currency revenue growth in the second quarter ended Feb. 28. This brings constant-currency growth for the first six months of the fiscal year to 12% and total growth at actual currencies to 14% (versus the 14.7% annual revenue growth we expect). The company kept its guidance for around 15% revenue growth, gross margin shrinkage of 150 basis points, and EBIT margin of 2%.Result...
ASOS and its subsidiaries (together, the Group) is a global fashion retailer. The Group sells products across the world and has websites targeting the U.K., U.S., Australia, France, Germany, Spain, Italy and Russia. Co. creates and curates fashion, face + body products for every fashion-loving 20-something.
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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