LVMH's portfolio of strong brands positions it well for continuous growth.
We retain our fair value estimate and wide moat rating as LVMH reported revenue that beat our expectations slightly on the back of stronger organic growth (11% versus our estimate of 9.4%). Operating profit was in line with our expectations (with slightly lower margins in wines and spirits and perfumes and cosmetics), while net came in ahead on a lower-than-expected tax rate. We plan to incorporate lower taxes in the U.S. but higher taxes in France and to adjust medium-term group organic growth ...
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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