Increasing Wide-Moat CoStar Group’s Fair Value Estimate to $209; Shares Fairly Valued
We are transferring coverage of real estate service provider CoStar Group as the result of an analyst change. We assign the stock a fair value estimate of $209 per share, which represents 40 times our 2018 adjusted earnings per share estimate, and a wide-moat rating. CoStar is by far the leading provider of commercial real estate data and through recent acquisitions has expanded its reach to a broader customer base. The company’s wide moat is driven by intangible assets, considering CoStar has i...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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