Costco Continues to Execute, but Reflected in Valuation
Costco’s first-quarter results continue to demonstrate its wide moat rating, as the firm drove strong traffic and membership renewal rates (90% in the U.S. and 87% worldwide) despite the competitive landscape. Although headline numbers suggest a standout quarter, results are tracking toward our full-year estimates, calling for 5.5% top-line growth and 3.3% operating margins, which warrants us maintaining our $163 fair value estimate. We believe the market is pricing in too much optimism for shar...Costco Wholesale and its subsidiaries are principally engaged in the operation of membership warehouses based on the concept of providing its members low prices on a selection of nationally branded and private-label products. The company's merchandise are: food and sundries, which include dry foods, packaged foods, and groceries, snack foods, candy, alcoholic and nonalcoholic beverages, and cleaning supplies; hardlines, which include appliances, electronics, health and beauty aids, hardware, and garden and patio; fresh food, which include meat, produce, deli, and bakery; softlines, which include apparel and small appliances; and ancillary, which include gas stations and pharmacy businesses.
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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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