Initiating Nice With a $108 FVE and a Narrow-Moat Rating; Shares Offer Modest Upside
We are initiating coverage of Nice Ltd. with a $108 per share fair value estimate, narrow economic moat rating, stable trend, and medium uncertainty rating. Our valuation implies an adjusted price/earnings multiple of 24 times, an EV/adjusted EBITDA multiple of nearly 16 times, and a free cash flow yield of 4.0%.After divesting its intelligence and defense businesses, Nice has become a leading vendor of customer engagement and financial crime and compliance technology. The firm is shifting to a...
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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