Initiating Coverage on S&P Global With a Wide Moat Rating and $173 per Share FVE
We are initiating coverage on S&P Global with a wide moat and a stable moat trend rating. Our fair value estimate for the firm is $173 per share, which implies a P/E multiple of 21.5 times our 2018 earnings estimate and 19.9 times our 2019 earnings estimate. We believe S&P Global has a collection of highly valuable brands and intangible assets that it has cultivated over many years of patient investment. While some may think the 2008-09 financial crisis weakened S&P’s business, we be...
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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