On-Track Fourth Quarter for IHS Markit Leaves Our Outlook Intact; Shares Fairly Valued
We do not plan to meaningfully alter our $37 per share valuation for wide-moat IHS Markit after it reported fourth-quarter earnings that met our forecast. In fiscal 2016, IHS Markit posted revenue of $2.735 billion and adjusted EBITDA of $988 million (36.1% margin), versus our $2.733 billion and $990 million (36.2%) expectations. The company reaffirmed 2017 guidance, calling for revenue of $3.49 billion-$3.56 billion, adjusted EBITDA of $1.375 billion-$1.4 billion, and adjusted EPS of $2.02-$2.0...
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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