Elliott's Enhancing eBay Plan Makes A Lot of Sense--Will Management Follow-Through?
Narrow-moat eBay shares rose 6% on Jan. 22 after activist shareholder Elliott Management (which owns a 4% stake) published its "Enhancing eBay" plan focused on making eBay a "better and more valuable" company. Also, news broke that activist shareholder Starboard Value has also taken a position in eBay and has been speaking with management the past several months. We share Elliott's views that eBay is undervalued--our DCF-derived $36 fair value estimate assumes 6% average annual top-line growth t...eBay is a global commerce provider, which includes its Marketplace, StubHub and Classifieds platforms. The company's Marketplace platforms include its online marketplace located at www.ebay.com, its localized counterparts and the eBay suite of mobile apps. The company's StubHub platforms include its online ticket platform located at www.stubhub.com, its localized counterparts and the StubHub mobile apps. These platforms connect fans with their favorite sporting events, shows and artists and enable them to buy and sell tickets whenever and wherever they want. The company's Classifieds platforms include a collection of brands such as mobile.de, Kijiji, Gumtree, Marktplaats, eBay Kleinanzeigen and others.
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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