LSE Posts Strong 2Q Earnings on the Heels of Incoming MiFID II Implementation
Narrow-moat London Stock Exchange reported strong results that were slightly ahead of our run-rate expectations on both the revenue and expense sides of the income statement. That said, for now we are maintaining our fair value estimate of GBX 3,700 per share. Organic results from LSE’s moatier segments, information and post-trade services (specifically FTSE Russell and LCH), whose performance drives our investment thesis and valuation for the firm, were more or less in line with our expectation...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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