Mastercard Reports Steady Growth in 4Q
Wide-moat Mastercard’s full-year 2016 results were broadly in line with our expectations, and we are maintaining our $120 per share fair value estimate.  The firm was not completely immune from the competitive pressures facing the industry--rebate and incentive costs grew by 20% from the fourth quarter of 2015 as the company priced new deals and renewals more aggressively. We don’t think it’s surprising that the firm’s customers are demanding better terms. Regulations have reduced the profitabil...Mastercard is a technology company in the global payments industry. The company's solutions enabling consumers to use electronic forms of payment instead of cash and checks. The company provides a range of payment solutions and services using its brands, including Mastercard?, Maestro? and Cirrus?. The company is a multi-rail network that provides customers one partner to turn to for their domestic and cross-border payment needs. The company has additional payment capabilities that include automated clearing house transactions. The company also provides offerings such as cyber and intelligence products, information and analytics services, consulting, loyalty and reward programs and processing.
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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