Relaunching Coverage of Interpublic Group With Narrow Economic Moat, Stable Trend, and FVE of $25
We are relaunching coverage of advertising holding firm Interpublic Group of Companies, or IPG, with a $25 fair value estimate and narrow moat and stable moat trend ratings. We expect IPG to maintain its market position as it generates competitive organic growth, continues to make acquisitions, and increases focus on the faster-growing emerging and the overall digital ad markets. The firm has also demonstrated consistent operating margin expansion through cost controls during the past three year...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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