Transferring Coverage of Narrow-Moat Kingfisher, With No FVE Change; Shares Undervalued
We are transferring coverage of Kingfisher to a new analyst but are maintaining our narrow moat rating and GBP 370 fair value estimate. Kingfisher is Europe's largest home-improvement retail group and the third largest globally behind Lowe's and Home Depot, with more than 1,100 stores in 10 countries across Europe, generating annual sales of around GBP 11 billion. Kingfisher's size creates a low-cost position that is the foundation of our narrow economic moat rating. The company's scale (represe...Kingfisher supplies home improvement products and services through a network of retail stores and other channels, located mainly in the U.K. and continental Europe. As of Jan 31 2017, Co. had nearly 1,200 stores in 10 countries across Europe.
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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