Garmin Tows in Strong Organic Growth in 3Q Results; Maintaining $62 FVE; Shares Fairly Valued
Garmin reported stellar third-quarter 2018 results above our revenue and operating margin expectations. Healthy demand in wearables and continuing organic growth in its marine segment--even after recent acquisitions--helped carry the results. Auto was the only segment to see top-line declines as the company struggled with a weakening PND market. We’re impressed by the narrow-moat company’s ability to increase its market share in markets like recreational boating, but we think momentum from some ...
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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