Transferring Coverage of Mobile TeleSystems With a Narrow Moat Rating, Stable Trend, and $11 FVE
We are transferring coverage of Mobile TeleSystems, or MTS, with a narrow moat rating, stable moat trend, and a fair value estimate of $11 per ADR. We think there is an attractive margin of safety in shares today. MTS is the largest wireless carrier in Russia by subscribers, which allows it to enjoy scale-based cost advantages against smaller peers and benefit from efficient scale. It also owns some fixed-line assets in Russia, including a highly profitable operation in Moscow. We think MTS is w...
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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