NetEase's FVE Maintained at USD 283 after Adjusting Estimates of New Businesses, Tax and Ad Segment
We maintain narrow-moat NetEase’s fair value estimate at USD 283 after some adjustments following a discussion with the company. We made changes to our assumptions in the revenue and margin for the innovative businesses and others segment and advertising business, and effective tax rate while holding other assumptions largely intact.We now expect the innovative businesses and others segment to see decline in revenue growth to 14% in 2019 and 2020, same as the growth in the fourth quarter of 201...
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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