Blackberry’s Aim for Sticky Customers Shows in Third-Quarter Results; Maintaining $11 FVE
Blackberry reported strong results as the company benefits from increasing recurring revenue, while adding design wins and more government agencies as clients. Top-line results were slightly below our expectations, but the bottom line beat both consensus and our estimates. We’re encouraged by the strength shown ahead of the Cylance acquisition, for which Blackberry recently obtained antitrust clearance. We are maintaining our $11 fair value estimate for this no-moat company, as we expect Cylance...BlackBerry is engaged in the sale of smartphones and enterprise software and services. Co.'s operating unit organizational structure consists of the Devices business, Enterprise Solutions and Services (which includes Professional Cybersecurity Services), BlackBerry Technology Solutions, and Messaging. Co. also operates in the embedded market through licensing of its QNX software products and providing services to support customers in developing their products. Co.'s portfolio of products and services is focused on serving enterprise customers, particularly in regulated industries and select vertical markets, including government, financial services, legal and healthcare.
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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