IAC has valuable properties, but remains a no-moat company.
No-moat IAC/InterActiveCorp reported fourth-quarter results with revenue in line with our estimate and earnings easily exceeding our expectations. Strong revenue growth and margin expansion in the firm’s two narrow-moat businesses, Match Group and HomeAdvisor, along with higher margin improvement than expected in the applications segment, more than offset the revenue decline and operating losses in no-moat publishing and video segments. Growth in Match Group’s paid member count, or PMC, and Home...
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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