Hill-Rom Reports a Solid First Quarter, but CEO's Retirement Comes as a Surprise
No-moat Hill-Rom reported first-quarter 2018 results that modestly beat our estimates, helped by the impact of U.S. tax cuts signed into law late in 2017. As we previewed in our note on Jan. 10, we are raising our fair value estimate to $75 per share from $64. This bump incorporates a handful of adjustments to our model, including a slightly lower effective tax rate, extension of the moratorium on the U.S. medical device excise tax, and slightly raised growth expectations, along with incorporati...
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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