3Q Earnings Leave Blue Buffalo Poised to Meet Our Full-year Targets; Shares Fairly Valued
We do not expect to significantly alter our $28.50 per share valuation for narrow-moat Blue Buffalo after it posted third-quarter earnings. Year-to-date, the firm has posted 9.7% sales growth against roughly 90 basis points of adjusted operating margin expansion (to 24.4%), near our 9.0% and 110 basis point 2017 targets. Management tightened 2017 guidance, calling for $1.25 billion to $1.265 billion in sales and adjusted diluted EPS of $0.91 to $0.93, consistent with our $1.25 billion and $0.92 ...
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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