Discovery Reports Mixed Quarter; International Revenue and Margin Expectations Tempered
Discovery posted a mixed third quarter with revenue ahead of our expectation but EBITDA coming in below our projections. Management continues to expect the Scripps deal to close in the front half of 2018. The firm also lowered expectations for international affiliate fee growth for 2018. We are maintaining our narrow economic moat rating, but lowering our fair value estimate to $31 from $36 to account for slower revenue growth and less margin expansion at the international segment as the firm co...
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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