CoStar Posts 20% Revenue Growth in 1Q; Shares Overvalued
CoStar Group has once again reported impressive financial figures, with first-quarter revenue growing 20% and net income increasing 63% over a year earlier. While these results underscore the strength of CoStar’s business model, they are largely in line with our expectations, solidifying our long-term thesis. We are raising our fair value estimate for wide-moat-rated CoStar to $409 per share from $403 primarily due to the time value of money. We think investors have reacted too enthusiastically ...CoStar Group provides information, analytics and online marketplace services to the commercial real estate and related business community through its database of commercial real estate information covering the U.S., the U.K., and parts of Canada, Spain, Germany and France. The company provides online marketplaces for commercial real estate, apartment rentals, lands for sale and businesses for sale. The company operates within two operating segments, North America and International, and its services are distributed to its clients under subscription-based license agreements that renew automatically, a majority of which have a term of one year.
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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