IAC’s Match, ANGI Homeservices and Vimeo Drive 1Q Growth; Maintaining $221 FVE; Shares Fairly Valued
IAC kicked off 2019 on a positive note, as its first-quarter results beat our and consensus expectations, driven again by strong top-line growth in Match Group and ANGI Homeservices. Operating margin dipped slightly as IAC continues to invest in accelerating growth in ANGI Homeservices and in Vimeo. We remain confident that Match’s network effect moat source remains intact and believe a similar one may be developing for ANGI Homeservices. We did not make any significant adjustments to our model,...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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