CCU's International Segment Continues to Drive Volumes in 3Q; Shares Not a Bargain
Narrow-moat CCU’s third-quarter results were in line with our expectations for the year, and we do not anticipate material changes to our $25 fair value estimate. Year to date, sales grew 10.1%, matching our forecast for the year, driven by double-digit growth in the firm’s international business. Over the same time frame, the firm’s gross margin has expanded 60 basis points to 52.4%, and we believe it remains on track to meet our annual outlook of 53%, given that profitability tends to be stron...
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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