Pricing Power Eludes No-Moat Essity in 3Q; Shares Remain Expensive
Essity’s third-quarter results largely met our expectations for the year, and we’re reiterating our long-term outlook for the firm, which incorporates five-year compound revenue growth above 6% and operating margin averaging above 12%, implying high-single-digit operating income growth. As such, we do not plan to make substantial changes to our SEK 208 fair value estimate, outside of adjustments for the time value of money. The firm’s organic sales growth for the quarter stood below 2%, as a 2.2...
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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