Equifax Suffers Massive Data Breach, but Wide Moat Intact
Equifax announced a hacking incident that could affect 143 million U.S. consumers as well as consumers in Canada and the United Kingdom. While data breaches are increasingly more common, the scope of this breach is unprecedented. While we expect this event will probably lead to a substantial fine and have a negative impact on the business, we think the wide economic moat that surrounds the business is intact and will limit long-term damage. We expect to lower our $128 fair value estimate, but no...Equifax Inc. is a provider of information solutions and human resources business process outsourcing services for businesses, governments and consumers. The company's services are based on databases of consumer and business information. The company uses statistical techniques, machine learning and proprietary software tools to analyze all available data, creating insights, decision-making solutions and processing services for its clients. The company also provides information, technology and services to support debt collections and recovery management. Additionally, the company provides payroll-related and human resource management business process outsourcing services in the United States of America.
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.
We have operations in 27 countries.
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