Michelin may find it difficult to gain traction in the intensely competitive global tire market.
No-moat-rated Michelin reported third-quarter revenue of EUR 5.3 billion, up by 3% from last year's third-quarter revenue of EUR 5.2 billion. As a French-domiciled company, Michelin only reports full financial statements every six months. Currently trading at nearly a 33% premium to our EUR 90 fair value estimate, we view 2-star-rated Michelin stock as overvalued relative to our estimates of future cash flows and returns on invested capital.During the third quarter, currency translation was neg...
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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