Hannover Re has a narrow moat and is modestly overvalued.
Hannover Re has reported strong full-year 2016 results. We are raising our fair value estimate to EUR 100 per share from EUR 92.00 to reflect the time value of money, slightly improving rates, and better investment environment, and we are maintaining our narrow moat rating. Our fair value estimate represents a valuation of 1.3 times 2018 book value, a premium we think is fair for this high-quality business. Hannover Re's differentiated value still comes from its specialist lines and low-cost ope...
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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