Shiseido’s Prestige Brands Blossomed Again on Strong Shopping Appetite From Chinese Tourists
Following strong third-quarter operating results, we are raising our fair value estimate for narrow-moat Shiseido to JPY 4,900 from JPY 3,900, as we are increasing our assumptions for the compounded growth rates of its domestic sales from inbound tourists and its Chinese sales to 32% and 12% in our explicit forecast, respectively, from 18% and 8%. Moreover, we now forecast operating leverage to drive up the company’s operating margin to 12.3% in fiscal 2021, 0.7 percentage points higher than our...
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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