Blue Buffalo should benefit from ongoing premiumization and humanization trends in pet food.
We plan to lift our $24.50 per share valuation for narrow-moat Blue Buffalo by around 5%, largely to reflect the time value of money after the firm posted fourth-quarter results that met our expectations. In 2016, the company saw $1.15 billion in sales, a 24.0% adjusted EBITDA margin, and adjusted diluted EPS of $0.79, near our $1.15 billion, 23.2%, and $0.78 expectations, respectively. The firm also set 2017 guidance at $1.24-$1.27 billion in sales alongside adjusted diluted EPS of $0.91-$0.94,...
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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