Symantec Remains Plagued by its Internal Audit Investigation; Reducing FVE to $19
No-moat Symantec reported its first quarter of fiscal 2019, with subpar results prompting us to reduce our $21 per share fair value estimate to $19. We remain concerned that no further clarity was given in regards to the scope of the firm's internal audit investigation. For background, during Symantec's fourth-quarter 2018 results, after reducing guidance, it was concurrently revealed that Symantec would delay the filing of its 10-K for fiscal 2018, due to an unspecified internal audit committee...Symantec is a provider of cyber security. The company provides cyber security products, services and solutions to organizations and individuals worldwide. The company's Enterprise Security portfolio includes a mix of products, services and solutions, delivered as part of an Integrated Cyber Defense platform. The company's platform unifies cloud and on-premises security to provide threat protection and information protection across endpoints, networks, email, and cloud applications. The company also provides services, support services, and cyber security services. The company's Cyber Safety solutions from Norton LifeLock help consumers protect their devices, online privacy, identities, and home networks.
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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