TripAdvisor Shows Signs of Sales Stabilization on Improved Marketing Efficiency; Shares Undervalued
The main takeaways for us from TripAdvisor’s positive fourth-quarter results are improved marketing efficiency and stabilizing top-line trends, supporting our view that the company maintains a network advantage (source of its narrow moat) that it will be able to leverage into reaccelerating double-digit sales growth starting in 2019. We don’t expect a meaningful change to our $55 fair value estimate (which incorporates 10% average annual sales growth over the next five years with operating margi...
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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