Lowering Suburban Propane's Moat to None
We are lowering our moat and moat trend for Suburban Propane Partners to no moat, negative trend from the previous narrow moat, stable trend. We are maintaining our $25 fair value estimate.While Suburban does benefit from switching costs to an alternative propane supplier, it does not prevent a natural gas distribution utility from encroaching on Suburban's core business. In the environment of cheap natural gas, natural gas utilities have been able to undertake significant capital programs with...
Suburban Propane Partners is engaged in the distribution of propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets. In support of its primary marketing and distribution operations, the company installs and services a variety of home comfort equipment, particularly in the areas of heating and ventilation. The company conducts its business principally through Suburban Propane, L.P., which operates its propane business and assets, and its direct and indirect subsidiaries. The company manages and evaluates its operations in four operating segments, three of which are reportable segments: Propane, Fuel Oil and Refined Fuels and Natural Gas and Electricity.
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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