Raising Facebook FVE to $140 After Incorporating Expected U.S. Corporate Tax Reform
We are increasing our fair value estimate of Facebook to $140 per share from $135, based on Morningstar’s belief that U.S. corporate tax reform is expected to settle at a 25% rate beginning in 2018. We are also incorporating a 10% repatriation tax on overseas cash. We continue to expect wide-moat Facebook to maintain its position as the largest social network in the world, with approximately 2 billion monthly active users. The growth in users and user engagement, along with the valuable data tha...Facebook is building and engaging products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and in-home devices. The company's products include: Facebook, which enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, which is a place where people can express themselves through photos, videos, and private messaging, and explore their interests in businesses, creators and communities; Messenger and WhatsApp, which are messaging applications; and Oculus, which connects people through its Oculus virtual reality products.
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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