Upgrading London Stock Exchange’s Moat to Wide On the Strength of Its Indexes and OTC Clearing
We are transferring coverage of London Stock Exchange to a new analyst, increasing our moat rating to wide from narrow, and increasing our fair value estimate to GBX 4050 from GBX 3700. The increase to our fair value estimate is predicated on three factors: our new moat rating, increased confidence in the growth prospects of the firm’s FTSE Russell business, and an improving interest-rate impact on net treasury income. This leads to a 13% CAGR for operating income through 2021, and returns on in...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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