Reynolds American Continues to Gain Share in a Declining Industry; Shares Fairly Valued
Reynolds American's third-quarter numbers were consistent with the trend that underlies our long-term forecast. We think industry cigarette volumes will continue to decline in the 3%-4% range annually, but the brands and intangibles supporting Reynolds' wide moat will help it to outperform the industry while maintaining pricing power. We also think Reynolds can be a winner in the e-cig market, but that business is moving more slowly than we anticipated. We see shares as fairly valued, as we expe...
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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