Reducing Signet FVE to $73 From $82 After Weak 1Q and Prime Receivable Outsourcing
We are reducing our fair value estimate for Signet to $73 per share from $82 to reflect our assumption for lower growth and the impact of prime receivable portfolio outsourcing. After an 11% drop in first-quarter sales, we now expect full-year revenue to be down 6.4% (compared with our prior estimate of down 3.1%) with a corresponding drop in margin to 7.9% (9.7% previously). We still consider the shares to be undervalued at current levels, but we stress that investing comes with very high uncer...
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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