Narrow-Moat Danone Reports Broadly In-Line 2018 Results, Updates Guidance; Shares Fairly Valued
Danone reported full-year 2018 results with like-for-like sales up 2.9% and 2.4% for the 12 months and fourth quarter, respectively, in line with our estimates. Recurring operating margin improved 50 basis points (versus 70 basis points in our model). Management issued fiscal 2019 guidance of around 3% like-for-like growth and above 15% recurring operating margin (versus 3.7% and 15.5% in our model, respectively). Given this broadly in-line set of results, we maintain our EUR 70 fair value estim...
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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