Market's Reaction to MSC's 3Q Results Overblown, in Our View; Maintaining $91 FVE
Shares of narrow-moat MSC Industrial traded down sharply after the company released its fiscal third-quarter results and fourth-quarter outlook. The company reported solid headline figures, with sales of $744 million and earnings per share of $1.09 meeting management’s guidance and consensus estimates. We believe the sell-off was in response to MSC’s weak gross margin performance and guidance. However, we think the market’s reaction was overblown, and we are maintaining our $91 fair value estima...MSC Industrial Direct Co. is a distributor of metalworking and maintenance, repair and operations (MRO) products and services. The company provides stock-keeping units through its eCommerce channels, including its website, mscdirect.com; its inventory management solutions; catalogs and brochures; and call-centers and branches. The company's range of MRO products includes cutting tools, measuring instruments, tooling components, metalworking products, fasteners, flat stock, raw materials, abrasives, machinery hand and power tools, safety and janitorial supplies, plumbing supplies, materials handling products, power transmission components, and electrical supplies.
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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