We Believe Travelport's Weaker 3Q Mostly due to Transitory Headwinds; Shares Undervalued
Although narrow-moat Travelport reported Travel Platform sales growth of 2% versus our 4.5% forecast, we believe it was mostly due to temporary headwinds (weather disruption and customer transition), implying an unwarranted 8% drop shares today. Still, we expect to lower our $18 fair value estimate by around $0.50 to account for these near-term headwinds and increased cyclical risk.Trading at 10 times our 2019 EPS estimate, we see opportunity for investors to own an attractive business model t...
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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