Competitive Pressures Remain a Concern for No-Moat Essity; Shares Not a Bargain
No-moat Essity’s annual results largely came in line with our expectations, with earnings per share of SEK 11.56 versus our expectation of SEK 11.64. While the firm’s 8% sales growth for the year fell shy of our expectation for a nearly 10% increase, we maintain the firm’s efforts to improve its product mix, exit underperforming markets, and trim overhead costs will drive bottom-line expansion, and were pleased to see gross margin exceed 29% (70 basis points ahead of our forecast and 130 basis p...
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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