Some divestitures and acquisitions show Friedman’s willingness to shift the product portfolio.
After incorporating some product portfolio shifts at narrow-moat Nasdaq, we are increasing our fair value estimate to $76 from $72 per share. Adena Friedman is trying to enact her own strategic vision for Nasdaq after taking over as CEO in 2017. We were initially encouraged with the tone that Friedman struck that we interpreted as a focus on stabilizing the overall business and extracting value from the numerous acquisitions that Nasdaq had done over the last several years, such as its venture i...Nasdaq is a holding company. Nasdaq is a holding company. Through its subsidiaries, the company manages, operates and provides its products and services in business segments: Market Services, which includes equity derivative trading and clearing, cash equity trading, fixed income and commodities trading and clearing and trade management services businesses; Corporate Services, which includes listing services and corporate solutions businesses; Information Services, which includes market data, index, and investment data and analytics; and Market Technology, which provides and delivers solutions across the trade lifecycle via the Nasdaq Financial Framework.
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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