Transferring Coverage of Wide-Moat Brown-Forman; $44 Fair Value Intact; Shares a Touch Rich
We are transferring coverage of Brown-Forman to a new analyst and reiterating our $44 fair value estimate, which implies forward fiscal 2017 price/earnings of 25 and enterprise value/adjusted EBITDA of 17. Our valuation reflects our forecast for 3.7% compound annual revenue growth (including excise taxes) over the next five years, coupled with roughly 4.3% operating margin growth (reaching 35% by fiscal 2021), given a positive shift in mix following the divestiture of Southern Comfort in 2016 an...
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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