Interpublic Group's 1Q Results Beat Expectations, Second-Half Slowdown Is Expected; Intact $26 FVE
Interpublic Group of Companies started 2019 with better-than-expected organic growth and continuing margin expansion. However, the firm maintained its full-year outlook as it expects deceleration in organic growth the rest of 2019 due to tougher comps and the impact of some account losses in late 2018 that may also pressure margins. After updating our model with first-quarter numbers, we are maintaining our $26 fair value estimate on narrow-moat Interpublic. The first quarter’s strong results pu...Interpublic Group of Companies is an advertising and marketing services company. The company's segment include: Integrated Agency Networks (IAN) and Constituency Management Group (CMG). Within IAN, the company's agencies provide an array of communications and marketing services, each providing a range of solutions for its clients. In addition, the company's domestic integrated agencies provide a range of advertising, marketing communications services and/or marketing services and partner with its operating divisions as needed. CMG provides clients with services, including public relations, meeting and event production, sports and entertainment marketing, corporate and brand identity, and marketing consulting.
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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