Launching Coverage of Spotify with No Economic Moat, Stable Moat Trend, and a $118 FVE
We are initiating coverage of Spotify with a no-moat rating and a fair value estimate of $118 per share, or a $21 billion market capitalization and enterprise value slightly below $21 billion. The firm is becoming a public company via the direct listing method, which may create significant and longer-lasting volatility in the firm’s stock price. Further, Spotify is not taking this step to raise any capital, nor is it issuing any new shares. In addition, given that there are no underwriters invol...
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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