Nestle’s Ingrained Supply Chain and Unmatched Category and Geographic Exposure Fortify Its Wide Moat
After revisiting our estimates and accounting for fiscal 2018 interim results, we are raising our valuation for Nestle to CHF 81 from CHF 79. We reaffirm our wide moat rating supported by its entrenched position with retailers, a durable cost edge, and signs of monetisable brand equity in certain categories. Our estimate implies 2019 multiples of 21 times earnings and 14 times enterprise value/EBITDA. We now expect a 4% top-line CAGR and a 17.7% average operating margin over the next five years,...
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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