Boston Beer's Annual Results Meet Expectations; Shares Still Not a Bargain
Narrow-moat Boston Beer reported fiscal 2017 results that were largely in line with our expectations, with a revenue decline of 4.8% (versus our expectation of 4.6%) and operating margin of 13.4% (20 basis points below our outlook and 180 basis points below fiscal 2016). We don’t anticipate material revisions to our medium-term outlook, which incorporates mid-single-digit sales growth and midteens average operating margin over the next three years. We plan to raise our $164 fair value estimate b...
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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