Liberty Global Reported In-Line Q3 Results Despite British Pound Weakness; Shares Undervalued
Liberty Global reported third-quarter results in line with our expectations, and we are maintaining our fair value estimate of $38 per share and narrow moat rating. Due to the acquisitions of Base in Belgium and Cable & Wireless Communications, or CWC, in Latin America, it is easier to compare actual revenue numbers than revenue growth rates. In the third quarter, the firm reported revenue of $5.2 billion and nine-month revenue of $14.9 billion, which sets it up to slightly exceed our $20 bi...
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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