U.S. housing recovery will be dampened by an industry shift to online sales for Scotts Miracle-Gro.
We are initiating coverage on Scotts Miracle-Gro, the leading U.S. producer of consumer gardening and lawncare products, with a narrow economic moat and negative moat trend. With shares trading above our $90 per share fair value estimate, we view the firm as slightly overvalued.Scotts’ narrow moat is based on the firm’s brand intangible assets in the U.S. consumer segment, which accounted for roughly 90% of operating profits in fiscal year 2017. The gardening industry is tied to overall housing...
Scotts Miracle-Gro is a manufacturer and marketer of consumer lawn and garden products in North America. The company's segments are: United States Consumer, which consists of the company's consumer lawn and garden business located in United States; Hawthorne, which consists of the company's indoor, urban and hydroponic gardening business; and Other, which consists of the company's consumer lawn and garden business in geographies other than the United States and the company's product sales to nurseries, greenhouses and other customers. The company manufactures, markets and sells lawn and garden products in the following categories: lawn care, gardening and landscape, hydroponics, and controls.
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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