Raising Autoliv's FVE to $100 from $97 on Effective Tax-Rate Change
We have raised our fair value estimate on the shares of narrow-moat-rated Autoliv by $3, to $100. Morningstar now believes that tax reform under the Trump administration is more likely than not. We assumed a 25% statutory corporate tax rate on Autoliv’s U.S. pretax income, down from the current tax rate of 35%. Because U.S. pretax income since 2011 has averaged around 19% of the total, the reduction to our effective tax assumptions from 2018 to 2021 was 1.9 percentage points per year. Despite ou...
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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