Kirby Is a Top-Shelf Barging Company, but a Narrow Moat Is Hard to Justify After the S&S Deal
After a fresh review of Kirby's overall competitive positioning, we are downgrading our economic moat rating to none from narrow. As a result of this adjustment, we are also reducing our fair value estimate slightly to $66 from $68; the shares are trading in overvalued territory. Kirby’s legacy marine tank-barging division is a moatworthy operation, but we don’t think its distribution and services, or D&S, unit enjoys the same magnitude of competitive advantages and it now makes up more than...Kirby operates tank barge. The company's marine transportation segment provides marine transportation services, operating tank barges and towing vessels transporting bulk liquid products. The company transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. The company's distribution and services segment, sells genuine replacement parts, provides service mechanics to overhaul and repair engines, transmissions, reduction gears and related oilfield services equipment, rebuilds component parts or diesel engines, transmissions and reduction gears, and related equipment used in oilfield services, marine, power generation, on-highway and other industrial applications.
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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