Penske Keeps Rolling on Despite Brexit
We are leaving our moat rating and fair value estimate for Penske Automotive Group in place after incorporating its second-quarter results. The company beat consensus for both revenue and diluted EPS from continuing operations, with the latter up 6.7% year over year to $1.11 versus consensus of $1.09. Total revenue increased by 6.8%, while same-store retail revenue rose by 0.2%, and by 2.7% excluding foreign-exchange movements.We argued in our June 24 note that the firm’s premium/luxury brand ...
Penske Automotive Group is a transportation services company that operates automotive and commercial truck dealerships and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services. The company has four segments: Retail Automotive, consisting of its retail automotive dealership operations; Retail Commercial Truck, consisting of its retail commercial truck dealership operations in the United States and Canada; Other, consisting of its commercial vehicle and power systems distribution operations and other non-automotive consolidated operations; and Non-Automotive Investments, consisting of its equity method investments in non-automotive operations.
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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