Mixed 2017 Results for Geberit; We Remain Cautious on Medium-Term Margins
Geberit's full-year 2017 results came in slightly better than our and market expectations, with the fourth quarter bringing in 5% revenue growth versus 3.5% for the full year. We expect to make less than a 5% change to our CHF 267 fair value estimate after incorporating the full-year results. With shares trading at 25 times 2018 P/E, we still find it one of the most expensive stocks in our coverage universe, with little room for downside risk in operational performance. We retain our narrow moat...
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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