Expense headwinds plague 2017 results, but order growth implies a better year ahead for Getinge.
No-moat Getinge reported fourth-quarter and full-year 2017 results that came in modestly below our expectations. While sales and gross margin trended in the right direction, operating expenses came in higher than expected as the retained businesses remain saddled with excess costs that have become more apparent with the spin-off of Arjo AB. We don't expect to significantly adjust our fair value estimate, as we believe our estimates reasonably reflect the difficulties we anticipate the business w...
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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