No-Moat Covanta Completes a Rocky 2017; Our Long-Term Forecast Is Intact
We are maintaining our $19 fair value estimate for no-moat Covanta following its fourth-quarter results that included some unexpected delays related to one of the company’s largest facilities in Fairfax, Virginia. However, we expect the headwinds at Fairfax to be relatively short-lived and believe that our long-term forecast calling for low-single-digit revenue growth is not in danger. Fourth-quarter revenue increased 8%, but operating income remained flat as maintenance activity and acquisition...
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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