Under Armour’s Moat Rating Lowered to None on Competitive Weakness; Fair Value Estimate Reduced
We no longer believe Under Armour has a narrow moat based on its intangible brand asset and are lowering our moat rating to none. We have also reduced our fair value estimate on Under Armour to $16.60 from $20.50 as we no longer believe the firm can generate excess returns for more than 10 years. Although Under Armour is the third-largest athletic apparel firm in the U.S., we think it has fallen behind in innovation and its product is not sufficiently differentiated. We believe Under Armour’s re...
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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