Good Growth for FTSE Russell and LCH in 1Q; Maintaining FVE for London Stock Exchange
Wide-moat-rated London Stock Exchange reported first-quarter results that fit well within our long-term thesis on the firm, and we are maintaining our GBX 4,550 fair value estimate and wide moat rating.The exchange’s total revenue (excluding net treasury and other income) was up 11% year over year, at GBP 470 million, roughly in line with our projection for 10% growth for 2018. Net treasury income was up 41% year over year and is already slightly ahead of our estimates for full-year results. T...
London Stock Exchange Group is a global markets infrastructure business based in the United Kingdom. Co's operating segments include: Information Services, which provides a range of information and data products including indexes and benchmarks; Post Trade Services LCH, which provides clearing services through which counterparty risk is mitigated across multiple asset classes; Capital Markets, provides access to capital for domestic and international businesses and electronic platforms for secondary market trading of equities, bonds and derivatives; and Group Technology, which provides secure technologies to customers that require performance at high levels of availability and throughput.
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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