Currency Tailwinds and Resource Headwinds for Narrow Moat Intertek in 1Q
Currency tailwinds continued into first quarter for narrow moat-rated Intertek, with revenue over the period rising by more than 14% on a reported basis, but by just 0.9% on an organic and constant currency basis. We believe that over the remainder of the year, these currency tailwinds will abate; hence, we are not making any changes to our full-year forecasts at this time. We reiterate our GBX 3310 fair value estimate and believe the shares are currently overvalued.Divisionally, many of the tr...
Intertek Group provides Assurance, Testing, Inspection and Certification (ATIC) services. Co.'s segments comprised of Products, Trade and Resources. Co.'s products-related division consists of business lines that are focused on quality and safety of physical components and products, as well reducing risk through assessing the operating process and quality management systems of its customers. Co.'s trade division consists of three Global business lines, Cargo & Analytical Assessment, Government & Trade Services, and Agriculture business. Co.'s resources division consists of two business lines, Industry Services, and minerals business.
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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