Discovery Misses the Mark to Begin 2017; Sub Losses May Signal the Beginning of a Worrying Trend
Discovery began 2017 on a weak note as both revenue and EBITDA came in below both consensus and our projections. As the miss can be explained by the ongoing foreign headwinds, we are more worried by the slight acceleration in sub losses in the quarter, particularly when combined with the inability of the firm to gain carriage in either Hulu or YouTube OTT television packages. We are maintaining our narrow economic moat rating and our $34 fair value estimate as we await more clarity on the sub lo...Discovery, through its subsidiaries, is a media company that provides content across distribution platforms, including pay-television, free-to-air and broadcast television, and direct-to-consumer subscription products. The company's portfolio of networks includes nonfiction television brands such as Discovery Channel, HGTV, Food Network, TLC, Animal Planet, Science Channel, and MotorTrend . The company's portfolio includes Eurosport, a sports entertainment provider. The company classifies its operations in two segments: U.S. Networks, consisting of domestic television networks and digital content services, and International Networks, consisting of international television networks and digital content services.
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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