Under Amour’s investments crimp near-term margins but support its intangible asset long term.
Under Armour’s third-quarter results showed the company is in the midst of two battles: internal execution and a challenging external North American market. Against this backdrop, we plan to lower our fair value estimate by a midteens percentage, from $24 prior, as we see the North American challenges lingering into 2018. Our update also incorporates the firm’s updated 2017 guidance of low-single-digit revenue growth (9%-11% prior) and adjusted operating income of $140 million-$150 million ($280...
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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