Toyota Seeks More Scale Through TNGA While Also Investing for an Autonomous World
We are not changing our Toyota fair value estimate despite the company lowering its fiscal-year 2019 guidance in its fiscal third-quarter results. The guidance change is only at the net income level and is mostly due to a noncash charge for unrealized losses under ASU 2016-01 for the firm's many public equity holdings as these securities declined in value at the end of calendar 2018. The company's operating metrics remained healthy in our view for the quarter, and management did not change guida...Toyota Motor is an automobile manufacturer. Co. is primarily engaged in the design, manufacture, and sale of sedans, minivans, compact cars, sport-utility vehicles, trucks and related parts and accessories throughout the world. Co. provides financing, vehicle and equipment leasing and certain other financial services primarily to its dealers and their customers to support the sales of vehicles and other products manufactured by Co. Co.'s principal business segments are automotive operations, financial services operations and other operations. Co. sells its vehicles in approximately 190 countries and regions, and markets for its automobiles in Japan, North America, Europe and Asia.
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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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