Kering Delivers Stellar Full-Year Results as Expected; FVE and Narrow Moat Rating Maintained
We retain our fair value estimate after Kering reported fourth-quarter and full-year results marginally above our expectations. Full-year revenue increased by 25% versus our 24% growth expectations, while operating margin of 19% was as expected. We see shares trading in 2-star territory after the recent stock market rout. We expect to adjust our forecasts to reflect a higher-than-expected tax rate and better-than-expected profitability at Saint Laurent, which we think will have a roughly offsett...
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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