Travelport's Narrow-Moat Network Effect Intact, but FVE Lowered on Higher Taxes; Shares Undervalued
Earlier this summer we raised our Travelport Worldwide fair value estimate by a high-single-digit percentage mostly to account for our view that the company would see lower taxes from a reduction of the U.S. corporate rate to 25% from 35% starting in 2018. While we maintain our view of lower U.S. corporate taxes next year, our recent conversations with Travelport lead us to conclude that the company expects to continue to use carryforward losses to offset future profits in the United States. The...
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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