Penske Shrugs Off Brexit Pressure to Post Solid Third-Quarter Results
We are not changing our moat rating or fair value estimate on auto dealer Penske Automotive Group, as our thesis remains in place after the company reported record third-quarter results. We are pleased to see the company continuing to report healthy numbers despite a difficult foreign exchange headwind from the strong dollar against the pound after Brexit. Revenue increased by 3.9%, meeting consensus, but grew 9.7% on a constant-currency basis. Diluted EPS from continuing operations beat consens...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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