FedEx Improves Volume and Price, and We Expect Margins to Improve; Raising Our FVE
Solid pricing, volume, and execution mark FedEx’s third quarter, and while ground margins were strong, express declined year over year, thus operating income slid 2% versus the prior-year period. We increased our fair value estimate to $260 from $247 per share after incorporating these results (including our expectation of strong express results going forward), tax guidance, time value of money since our prior update, as well as the slight reduction to fiscal 2018 capex plans and taking on incre...FedEx provides transportation, e-commerce and business services through companies under the FedEx brand. These companies are included in the following segments: Federal Express Corporation, including TNT Express B.V., is an express transportation company; FedEx Ground Package System, Inc., which is a provider of small-package ground delivery services; FedEx Freight Corporation, which is a provider of less-than-truckload freight services; and FedEx Corporate Services, Inc., which provides sales, marketing, information technology, communications, customer service, technical support, billing and collections services, and certain back-office functions.
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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