Initiating Coverage on No-Moat Invitation Homes; Shares Look Slightly Undervalued
We are initiating coverage on single-family rental REIT Invitation Homes at a fair value estimate of $26.50 and a no-moat rating. We think that there are several demand drivers that should benefit Invitation Homes' portfolio over the next few years. Invitation Homes is in many markets with high income and population growth. However, most of those same markets are also experiencing a significant housing shortage, which makes the cost of homeownership significantly higher than renting in those mar...Invitation Homes is an owner and operator of single-family homes for lease, providing residents homes in neighborhoods across America. The company operates primarily in the Western United States, Florida, and the Southeast United States. The company has one reportable segment related to acquiring, renovating, leasing, and operating single-family homes as rental properties.
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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