Raising Delphi Fair Value Estimate to $69 From $66 on New Effective Tax-Rate Assumption
We have raised our fair value estimate on the shares of narrow-moat-rated Delphi by $3, to $69. Morningstar now believes that tax reform under the Trump administration is more likely than not. We assumed a 25% statutory corporate tax rate on Delphi’s U.S. pretax income, down from the current tax rate of 35%. Delphi is a United Kingdom resident taxpayer and as such, has averaged a 16.6% effective tax rate since 2012.During the same time frame, while Delphi’s U.S. revenue and assets have averaged...
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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