Magna Reports Record 3Q Results but Lowers Top End of 2018 Guidance; $57 Fair Value Maintained
No-moat Magna reported record third-quarter earnings per share before special items (EPS) of $1.56, $0.17 higher than the same period last year and $0.06 better than the sell-side consensus EPS of $1.50. Record revenue of $9.6 billion represented a 9% increase compared with $8.9 billion reported in third-quarter 2017 but would have been 11% higher excluding currency, acquisitions, and divestitures. The 3-star rated shares of Magna currently trade at a slight 5% discount to our $57 fair value est...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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