Monetization in advertisement business is faster than our forecast: raising FVE to JPY 4,800
We are transferring coverage of Line and upgrading our economic moat rating from none to narrow, based on the network effect delivered by its solid user base in major countries. We revise our fair value estimate to JPY 4,500 per share and $40 per U.S. ADR from JPY 3,550 and $34, respectively, implying a price/sales ratio of 5 times on a fiscal 2018 basis. While we expect robust revenue growth in the advertising business to continue, we forecast moderate margin expansion, as Line will continue ag...Line is a global platform for mobile messaging and communication services, as well as provides communication and content and advertising services. Communication and content are primarily provided to end users via various communication and content. Communication mainly includes LINE Stickers. Content includes LINE Games and LINE PLAY. Others within Communication and Contents include LINE Friends service. Advertising services are provided via LINE advertising, livedoor blog and NAVER Matome. LINE advertising includes "messenger ads" such as LINE Official Accounts, LINE Sponsored Stickers and LINE Point Ads and "performance ads" on services such as Timeline and LINE NEWS.
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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