Belle must contend with relentless competitive pressure from e-commerce upstarts.
After our call with no-moat Belle International regarding the firm's first-quarter operating data, we have cut our long-term DCF-generated fair value estimate to HKD 4.70 from HKD 4.90. This translates to a P/E ratio of 9 times. The shares are fairly valued, in our view. Our weighted average cost of capital is 9.8%, with an equity weighting of 97.4%. We now expect the operating margin to decrease from 13.6% in 2015 to 9.3% in 2021, as a result of increased contribution from the lower-margin spor...
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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