Estee Lauder's Sales Shine in Fiscal 2017, With Competitive Edge Intact; Shares Fairly Valued
Narrow-moat Estee Lauder ended fiscal 2017 firing on all cylinders, with underlying sales up 8% and adjusted operating margins up 80 basis points to nearly 10%. Management said top-line momentum was again broad-based, spanning an array of distribution channels, product segments, and geographies; this supports our stance that Estee is benefiting from its portfolio of leading brands and entrenched relationships with retailers--the basis for our narrow economic moat--that should enable it to withst...Estee Lauder Companies is a manufacturer and marketer of skin care, makeup, fragrance and hair care products. The company's products are sold under a number of brand names including: Estee Lauder, Clinique, Origins, MzAzC, Bobbi Brown, La Mer, Jo Malone London, Aveda and Too Faced. The company is also the global licensee for fragrances, cosmetics and/or related products sold under various designer brand names. The company's products include skin care, makeup and related items such as compacts, brushes and other makeup tools, fragrance sold in various forms, hair care, and other ancillary products and services.
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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