Revenue Surges on Lowe’s Roll-Out for No-Moat Reliance; FVE Unchanged
We retain our AUD 3 fair value estimate for no-moat Reliance Worldwide following exceptionally strong revenue growth across all regions in fiscal first-half 2018, led by 34% revenue growth on the previous corresponding period in the U.S. to AUD 257 million. While we had expected a strong half given the contribution from the Holdrite acquisition, organic growth exceeded our estimates at about 20% on the pcp boosted by the one-time impact of the roll-out of the SharkBite brand across the rest of L...
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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