Limited Differentiation in the Hygiene Market Has Prevented Essity from Forming an Edge.
No-moat Essity ended its fiscal year on largely solid footing, as strengthened pricing drove solid sales growth in the fourth quarter (up 3.3%, with more than three fourths of these gains driven by price/mix), while ongoing raw material cost pressures weighed on adjusted EBITA margin, which contracted 150 basis points to 11.1%. On a full-year basis, 8.5% top-line growth outpaced our expectations by around 100 basis points, but adjusted EBITA margins of 10.9% (140 basis points below the prior-yea...
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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