Reynolds Reports In-Line Q4, but Performance of Newport Highly Accretive
Reynolds American's full-year 2016 results were consistent with our forecasts and the trend that underlies our long-term assumptions. 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 are maintaining our $60 fair value estimate and wide economic moat rating, and expect the acquisition by British American Tobacco to close...
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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