Fidelity's First Quarter Driven by Margin Expansion; Shares Still Overvalued
Narrow-moat Fidelity National Information Systems performed well during the first quarter and really demonstrated its ability to expand the company’s margins. Using our math, the company generated an adjusted pretax margin of 13.6%, a nearly 270-basis-point increase from the first quarter of 2017. Again, we would encourage investors to include amortization as an expense as the company’s GAAP free cash usually lags the company’s adjusted earnings and often by a significant margin. We have updated...Fidelity National Information Services is a provider of technology solutions for merchants, banks, and capital markets firms globally. The company's solutions include merchant acquiring solutions; payment solutions; global eCommerce solutions; processing and ancillary applications solutions; digital solutions; fraud, risk management and compliance solutions; electronic funds transfer and network services solutions; card and retail payment solutions; wealth and retirement solutions; item processing and output services solutions; securities processing and finance solutions; global trading solutions; asset management and insurance solutions; and corporate liquidity solutions.
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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