Liberty Global Saw Slightly Weak 2Q Revenue but Solid Customer Gains; Shares Modestly Undervalued
Liberty Global reported second-quarter results with revenue a bit light, but we are maintaining our $38 fair value estimate and narrow moat rating. We believe the shares are slightly undervalued. The firm reported revenue down 18% year over year versus our projection of a 16.3% decline. However, the majority of the decline is due to the deconsolidation of its Dutch business after Ziggo merged with Vodafone’s Dutch business to create the 50/50 joint venture Vodafone Ziggo. Revenue actually grew 2...
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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