Discovery Struggles With the Continued Strength of the Dollar; Long-Term Guidance Maintained
Discovery posted a weak third quarter, with revenue and EBITDA below our projections due in part to the ongoing struggle against foreign-exchange headwinds. Despite the headwinds, management remained positive about the long-term growth and maintained its 2015 to 2018 EPS growth target guidance to the low teens from low double digits previously. We are maintaining our narrow moat rating and our $34 fair value estimate. Currently trading in 4-star territory, the stock (particularly the DISCK share...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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