Transferring Coverage of Line and Upgrading to Narrow Moat Rating; Shares Fairly Valued
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...
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.
We have operations in 27 countries.
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