Lower reinvestment should continue to send MSCI's margins higher.
Wide-moat MSCI continues to fire on all cylinders. For the fourth quarter, the index provider grew revenue by more than 14% year over year, while operating income advanced by more than 22%, all of which we find very impressive. Though EPS was down 4% year over year, it was entirely attributable to tax reform. Adjusting for the one-time impairment of deferred tax assets, the company earned $1.15, representing year-over-year growth of 42% from the prior year's period. MSCI's index business realize...MSCI is a provider of decision support tools and services for the global investment community. The company's segments are: Index, in which Clients use the company's indexes in various areas of the investment process, including index-linked product creation; Analytics, which provides risk management, performance attribution and portfolio management content, applications and services; Environmental, Social and Governance (ESG), which helps institutional investors understand how ESG considerations can impact the long-term risk and reward of their portfolio and individual security-level investments; and Real Estate, which includes research, reporting, market data and benchmarking offerings.
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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