KPN's 1Q Results a Bit Soft, but We're Maintaining Our Valuation; Shares Fairly Valued
KPN reported first-quarter results that were a bit weak, but we are maintaining our fair value estimate for the local shares. We are increasing the ADR fair value estimate to $3.15 from $3.10 to reflect the recent rebound in the euro. Our narrow moat rating is unchanged, and we believe the shares are fairly valued. The company reported that revenue declined 2.4% versus our full-year estimate of a drop of 1.1%. The biggest difference was renewed weakness in iBasis, its international carrier busin...
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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