Updating Our Margin of Safety Methodology for Extreme-Uncertainty Stocks
We are updating our methodology for extreme-uncertainty stocks to introduce a margin of safety for a 5-star rating of a 75% discount and for a 1-star rating a 300% premium. Extreme-uncertainty stocks will carry a 3-star rating when they trade between a 50% discount and a 150% premium. As is the case for all stocks, a 5-star rating will indicate our expectation that returns are highly likely to exceed a firm's cost of equity over a multiyear time frame. A 3-star rating indicates our belief that i...Rayonier Advanced Materials is a manufacturer of cellulose products, lumber, and pulp & paper products. The company's operating segments are: High Purity Cellulose, which manufactures and markets cellulose, which is sold as either cellulose specialties or commodity products that is primarily used in dissolving chemical applications; Forest Products, which the lumber, primarily spruce, pine, or fir, is used in the construction of residential and multi-family homes, light industrial and commercial facilities, and the home repair and remodel markets; Pulp, which manufactures and markets pulp products; and Paper, which manufactures and markets paper products consisting of paperboard and newsprint.
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.
We have operations in 27 countries.
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