Morningstar - BlackBerry Limited (BB) Relaunching Coverage of BlackBerry With No Economic Moat, Stable Trend, and FVE of $8

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Morningstar

Ali Mogharabi

EUR 147.86 For Business Accounts Only

Relaunching Coverage of BlackBerry With No Economic Moat, Stable Trend, and FVE of $8

We are reinitiating coverage of BlackBerry with a no-moat rating and a fair value estimate of $8. We believe BlackBerry is on its way to becoming an enterprise software company, but success remains to be seen. Meanwhile, the firmâ€™s continuing investment in the declining smartphone business and the loss of high-margin service access fees make an investment in BlackBerry a risky one, in our view. We do not see any economic factors currently creating or sustaining competitive advantages for BlackBe...

31/08/2016 13 EN

Underlying

BlackBerry Limited

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.

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CA09228F1036 Toronto Stock Exchange Canada

Provider

Morningstar

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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Analysts

Ali Mogharabi

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Relaunching Coverage of BlackBerry With No Economic Moat, Stable Trend, and FVE of $8

BlackBerry Ltd: 1 director

BLACKBERRY Flash Note

BLACKBERRY sees a downgrade to Negative on account of less fundamental stars

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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