Avery Exceeds Our Expectations for 2017 on Strong Growth, Improving Margins
Avery Dennison performed well throughout 2017, through a combination of solid organic growth and margin expansion across the board. Sales grew a 8.7% during the year, while earnings before taxes surged 24%, with roughly half driven by acquisitions. We've raised our outlook for 2018 based on recent margin performance and have reduced our long-term tax rate assumption to 27%, thanks to a fall in U.S. corporate tax rates. Taken together, we've increased our fair value estimate to $76 per share from...
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.
We have operations in 27 countries.
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