Fortune Brands Posts Solid Fourth-Quarter Results; We’ve Increased Our FVE to $66 Per Share
Narrow-moat Fortune Brands reported solid fourth-quarter results; consolidated revenue grew just over 6% year over year to $1.38 billion, consolidated adjusted operating margin expanded 20 basis points to 13.5%, and adjusted EPS increased about 13% to $0.80. Fortune Brands’ fourth-quarter revenue and adjusted EPS were both in line with consensus estimates. We increased our fair value estimate to $66 from $64 per share, mainly due to our lower effective tax rate assumption (now 25% versus our pre...
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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