We Maintain Our Wide-Moat Rating for Tiffany as Results Disappoint; No Material Change to FVE
We are maintaining our wide moat rating for Tiffany after worse-than-expected first-quarter results. We may adjust our forecast to account for slightly lower comparable-store sales this year, but we don’t expect that to have a material impact on our fair value estimate. We see the shares as fairly valued after today’s drop.ÂComparable-store sales resumed their decline in the first quarter, despite an easy comparison, and missed our expectations for low-single-digit growth. This weak performance...
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.
We have operations in 27 countries.
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