Margins Still Have a Way to Go, but Growth Was Strong for 2017; Maintaining FVE
Nothing in wide-moat-rated London Stock Exchange’s full-year or fourth-quarter results alters our long-term view of the firm. We will maintain our GBX 4,050 fair value estimate and our wide moat rating.The exchange’s total income (revenue and net treasury income) came in right in line with our projection for full-year 2017, an increase of 18% year over year. Information services had a strong showing, and total income rose by 24% year over year. On an organic and constant-currency basis, the seg...
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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