Revenue Growth Continues in 2Q and Costs Increase Slightly; Brexit Not a Fundamental Threat for LSE
The London Stock Exchange reported strong results for the first half of 2016, and we are maintaining our fair value estimate of GBX 3,000 for the firm as well as our narrow- moat rating. There were some slight deviations from our model during the quarter, including costs up slightly more than we expected and capital expenditures slightly higher as well, however, these adjustments were only minor, and several of the segments are coming in at higher revenues than we had previously estimated. Altog...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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