Garmin Navigates to a Stable Moat Trend; Raising Fair Value Estimate to $72
We think Garmin’s narrow moat rating has now reached a point of stability as the company’s auto segment, which was responsible for our former negative moat trend outlook, has become a relatively small portion of the business (falling from 62% of revenue in 2010 to nearly 19% in 2018). We think the company’s rocky revenue growth over the last several years is over--and will turn toward more consistent growth over the next five years, as we project a five-year CAGR of 7%. All considered, we're inc...
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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