Orange continues to benefit from the movement towards converged services and fibre in Europe.
Orange reported 2016 results in line with our expectations, and we expect to maintain our fair value estimate and narrow moat rating. We continue to believe the shares are undervalued. On a historical basis, the firm's reported revenue increased 1.7% versus our estimate of 1.8%. The core French operation declined slightly as average revenue per user continues to decline faster than its subscriber base grows. Importantly, though, our convergence thesis of customers adding fixed-line and wireless ...
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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