Relaunching Coverage of Garmin with Narrow Economic Moat, Negative Trend, and $48 FVE
We are reinitiating coverage of Garmin with a narrow moat and negative moat trend, and a fair value estimate of $48. Although the firm is best known for its portable navigation devices, or PND, used in cars (which is a business in secular decline), it has a strong position in niche markets such as outdoor, marine, aviation, and fitness. We believe Garmin can continue to grow revenues in those markets to offset the decline in the auto segment. Further, we expect Garmin to generate long-term exces...
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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