Magna Reports Record 2Q Results but Lowers 2018 Guidance; Maintaining $57 Fair Value Estimate
No-moat Magna reported record second-quarter earnings per share before special items (EPS) of $1.67, $0.22 higher than the same period last year. Magna included in the EPS result the impact of a fire at a supplier that temporarily shut down some customers' production and a negative currency impact to a deferred tax asset adjustment. Excluding these special items, we estimate EPS would have been $1.75, a penny higher than the sell-side consensus EPS of $1.74. Magna's 3-star rated shares currently...Magna is a global automotive supplier whose product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as vehicle engineering and contract manufacturing. Co.'s operations are segmented on a geographic basis. Co.'s segments consist of North America, Europe, Asia and Rest of World.
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.
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