Essex Posts a Solid Fourth Quarter and Should Have Some Tailwinds in 2018
Essex reported fourth-quarter results that exceeded management’s guidance and our expectations. But we saw nothing in the release that would alter our long-term view of the firm, so we are maintaining our $248 per share fair value estimate and no-moat rating. Full-year 2017 core funds from operations (FFO) came in at $11.91, a 7.9% increase from 2016 and $0.04 above our estimate. Management also issued 2018 core FFO guidance of between $12.24 and $12.64. Our current 2018 estimate is near the top...
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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