Splunk’s Results and Business Model Looking Increasingly Moaty; Raising FVE
Splunk delivered a stellar fiscal 2019 third quarter, with the top line coming in above market expectations and our above-consensus estimates. Management also raised revenue guidance for the 2020 fiscal year, roughly in line with our existing expectations but appreciably above consensus. We are raising our fair value estimate to $112 from $103. The increase stems primarily from a decrease in our estimated cost of capital, as the firm was able to increase its financial flexibility through a favor...Splunk provides software solutions that enable users to investigate, monitor, analyze and act on machine data. The company's main product is Splunk Enterprise, a machine data platform, comprised of collection, indexing, search, reporting, analysis, alerting, monitoring and data management capabilities. The company's Splunk Cloud delivers the capabilities of Splunk Enterprise as a service, while Splunk Light provides log search and analysis for information technology environments. The company also provides services that include maintenance and customer support, training services to its customers and channel partners, as well as consulting and implementation services to customers through its services team.
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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