Unsurprising Third Quarter Leaves Our Outlook Intact for Wiley; Shares Fairly Valued
Our $63 per share valuation for wide-moat Wiley should not change materially after its third-quarter results fell in line with our expectations. Consequently, our long-term view still calls for low-single-digit annual top-line growth and mid-teens adjusted operating margins, on average, through fiscal 2022.Fiscal year to date, Wiley saw 4% revenue growth and a 14.8% adjusted operating margin. Management reaffirmed guidance for flat fiscal 2018 constant currency revenue and adjusted operating in...
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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