With growth comes higher expenses at Synchrony Financial.
Narrow-moat Synchrony Financial finished 2017 almost exactly in line with our expectations. The company earned $0.70 per share after adjusting for a write-down in deferred tax assets originating from a lower tax rate. After taking into account the recent changes in the tax code, we’ll be raising our fair value estimate to $39 per share from $35. Given Synchrony’s narrow moat, we anticipate the company will retain a majority of the benefit from lower taxes. However, we do anticipate a modest incr...Synchrony Financial is a savings and loan holding company and financial holding company. Through its subsidiaries, the company delivers a range of financing programs, as well as consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. The company provides a range of credit products through its financing programs which it has established with a group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which it refers to as its partners. Through its partners, the company provides their customers a variety of credit products to finance the purchase of goods and services.
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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