Farfetch Results as Expected, but Merger With Toplife Strengthens the Competitive Positioning
We are maintaining our no-moat rating and fair value estimate per share of USD 17.1 as Farfetch reported annual results broadly in line with our estimates. Revenue came in 2.5% ahead of our expectations and an operating loss of USD 173 million matched our expectations. The company displayed better-than-expected scaling of G&AÂ but less leverage on costs of goods sold, versus our expectations, as scale benefits were reinvested in better customer proposition, such as free shipping.ÂFor 2019, F...
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.