Tiffany Reports Weak Holiday Sales, Trims Full-Year Outlook; Shares Fairly Valued
We are keeping our $92 fair value estimate for wide-moat Tiffany as the company reported weak holiday sales and adjusted its full-year outlook downward. Revenue growth is now expected at 6%-7% for fiscal 2018 (versus our expectations for 8.8% growth and previous guidance of high-single-digit growth rate). The preliminary revenue outlook for 2019 is also more cautious than our expectations at low-single-digit growth versus the 6% we forecast. We expect to tone down our near-term revenue and margi...Tiffany & Co. is a holding company that operates through its principal subsidiary, Tiffany and Company. Through its subsidiaries, the company designs and manufactures products and operates TIFFANY & CO. retail stores worldwide, and also sells its products through Internet, catalog, business-to-business and wholesale distribution. The company's principal product category is jewelry. The company provides a selection of TIFFANY & CO. brand jewelry at a range of prices. The company also sells watches, home and accessories products and fragrances. The company has four reportable segments: (i) Americas, (ii) Asia-Pacific, (iii) Japan and (iv) Europe.
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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