FactSet’s Soft Fiscal 1Q 2018 Results Confirm Our Thesis; Maintaining FVE
Wide-moat-rated FactSet reported fiscal 2018 results in line with our top-line run rate expectations, but below market expectations. We believe this confirms our thesis that the rise in passive investing will weigh on FactSet’s target market through customer fee compression. As a result, we are maintaining both our $141 fair value estimate, as well as our wide-moat rating for the firm.GAAP operating margins did experience sequential improvement from last quarter’s lower-than-usual operating ma...
FactSet Research Systems is a provider of integrated financial information, analytical applications and other services for the investment and corporate communities. The company's data and technology solutions can be implemented across the investment portfolio lifecycle or as standalone components. The company is focused on its three segments: United States, Europe, and Asia Pacific. The company delivers insight and information through the workflow solutions of Research, Analytics and Trading, Content and Technology Solutions, and Wealth. The company provides insights on global market trends and knowledge on companies and industries, as well as capabilities to monitor portfolio risk and performance and to execute trades.
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.
We have operations in 27 countries.
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