IAC Reports in Line 1Q Results; Impact of Angie’s List Acquisition Is Priced in; Maintaining $95 FVE
After the announcement of the Angie’s List acquisition earlier this week, the no-moat IAC reported first-quarter 2017 results in line with our expectations. While strong double-digit top-line growth in Match and HomeAdvisor was more than offset by decline in other segments, the firm displayed year-over-year margin expansion with a higher decline rate in operating expenses. The demand seen in Match and HomeAdvisor businesses continues to grow, which we believe is strengthening the businesses’ net...IAC/InterActiveCorp is a media and Internet company. The company has majority ownership of both Match Group, Inc. (Match Group or MTCH), which includes Tinder, Match, PlentyOfFish and OkCupid, and ANGI Homeservices Inc. (ANGI Homeservices or ANGI), which includes HomeAdvisor, Angie's List and Handy, and also operates Vimeo, Dotdash and The Daily Beast, among many other online businesses. The company's operating segments are MTCH, ANGI, Vimeo, Dotdash and Applications, which are also reportable segments, and within its Emerging & Other reportable segment, Ask Media Group, BlueCrew, The Daily Beast, College Humor Media and IAC Films.
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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