Lazard Has Opportunities for Value-Added Capital Deployment
Narrow-moat Lazard is starting 2019 at a decent pace for the somewhat uncertain macroeconomic environment, and we continue to believe that the company is undervalued. The company reported net income of $97 million, or $0.80 per diluted share, on $644 million of net revenue in the first quarter of 2019. Revenue decreased 14%, and operating income decreased 36% from the first quarter of 2018. The most recent quarter's results are fair in light of the first half of 2018 being exceptionally strong a...
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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