Essity Chalks Up Solid Top-Line Gains in Developing Markets in 1Q; Shares Fairly Valued
After reviewing no-moat Essity’s first-quarter results, we’re maintaining our long-term outlook for the company, which calls for mid-single-digit sales growth and average gross margins around 30% (versus 29% in 2017). Organic sales grew 3.4%, with an uptick in volume contributing roughly three fourths of the gain. In emerging markets (35% of revenue), organic sales grew a solid 6.3%, supporting our contention that higher disposable income and per capita spending on hygiene in these regions will ...
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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