Wide-Moat Nike’s Globally Powerful Brand Provides the Edge Over Its Many Rivals; FVE Increased
We maintain our wide moat rating on Nike but raise our fair value estimate to $98 from $80. We have reduced our long-term tax rate forecast on Nike to 15.5% from our prior view of 22.0%. Nike’s tax rate has declined over the past few years as it has avoided taxes by using offshore accounts in low-tax jurisdictions. We expect it will continue this practice. We have also changed our view on Nike’s willingness to raise leverage to fund stock buybacks, having reduced our fiscal 2028 long-term debt f...NIKE is engaged in the design, development and marketing and selling of athletic footwear, apparel, equipment, accessories and services. The company focuses its NIKE Brand product offerings in Running, NIKE Basketball, the Jordan Brand, Football (Soccer), Training and Sportswear categories. The company markets products designed for kids, as well as for other athletic and recreational uses such as American football, baseball, cricket, golf, lacrosse, tennis, walking, and other outdoor activities. The company has license agreements that permit unaffiliated parties to manufacture and sell, using the company-owned trademarks, certain apparel, digital devices and applications and other equipment designed for sports activities.
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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