MSCI's Brand and High Switching Costs Give It a Wide Moat; Upgrading From Narrow
After transferring coverage to a new analyst, we are upgrading MSCI's economic moat rating to wide from narrow. We believe the firm enjoys substantial switching costs as a result of its widely accepted brand, resulting in a valuable intangible asset. We have become increasingly confident in MSCI's ability to earn returns well in excess of its cost of capital. In addition to upgrading the company's moat rating, we are also raising its fair value estimate to $99 per share from $79, due not only to...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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