Launching coverage of Groupon with no economic moat, stable trend, and $4 fair value estimate.
Groupon reported mixed second-quarter results with another miss on the top-line. While we saw growth in the firm’s North America customer count and transactions, we continue to believe Groupon lacks any network effect as there are no barriers to exit for the users or businesses. Management maintained its gross profit guidance and upped the low end of its adjusted EBITDA guidance range. We do not plan on adjusting our model and continue to value Groupon at $4 per share. Growth in users, further p...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.
We have operations in 27 countries.
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