Rising Costs Offset Loan Growth in Discover's Fourth Quarter
Discover's fourth-quarter results showed the effects of a normalizing economy, reporting both positives and negatives. We do not intend to materially raise our fair value for the narrow-moat firm, which represents 1.9 times the firm's $29.13 reported book value per share. However, a growing balance sheet and benign credit could cause stretched multiples to persist.We see a healthy economy affecting results in two ways. First, loan balances are expanding as consumers feel more comfortable spendi...
Discover Financial Services is a bank holding, as well as a financial holding company. The company manages its business activities in two segments: Direct Banking, which includes consumer banking and lending products, specifically Discover-branded credit cards issued to individuals on the Discover Network and other consumer banking products and services, including student loans, personal loans, home equity loans, and deposit products; and Payment Services, which includes the PULSE network, Diners Club International and its Network Partners business, which provides payment transaction processing and settlement services on the Discover Network.
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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