Groupon Reported Disappointing 1Q Results; Maintaining $4 FVE
No-moat Groupon’s first-quarter top- and bottom-line results came in below our expectations. Management maintained its full-year adjusted EBITDA guidance; however, it also stated that gross profit is likely to come in at the low end of its guided range. Groupon’s first-quarter results indicate increasing user acquisition costs and declining take rates, which we believe display a lack of network effect for the users and businesses, and support our no-moat rating on this firm. While Groupon’s sell...Groupon operates online local commerce marketplaces that connect merchants to consumers by providing goods and services through its websites, groupon.com, and its mobile applications. The company provides goods and services in three categories: Local, which includes offerings from local and national merchants, and local events; Goods, which provides customers the ability to find discounted merchandise across multiple product lines, including electronics, sporting goods, jewelry, toys, household items and apparel; and Travel, which features travel offers at both discounted and market rates, such as hotels, airfare and package deals covering both domestic and international travel.
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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