Carlsberg Reports Uneventful 4Q; Shares Pricing In Margin Expansion
Carlsberg reported an in-line fourth quarter, with full-year revenue a whisker below our forecast, but earnings exactly in line. Carlsberg remains a margin-expansion story, and guidance of mid-single-digit organic operating profit in 2017, driven by efficiencies, is in line with our 7.8% forecast, given that currency is likely to be a tailwind next year. We are therefore unlikely to make material changes to our assumptions, and any change to our DKK valuation will likely be limited to the impact...
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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