Launching Coverage of ASOS With No-Moat, Positive Trend Rating, and GBX 3,480 Fair Value Estimate
We are initiating coverage of ASOS, one of the leading European e-commerce players in fashion and cosmetics focusing on the 20-something demographic segment, with a no-moat, positive trend rating and fair value estimate of GBX 3,480 per share. The shares appear moderately undervalued, trading about 15% below our fair value estimate.We believe ASOS is well positioned to benefit from the continuous shift from brick-and-mortar to online shopping for fashion items as well as to expand its market sh...
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.
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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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