Although Conventional Oil Competition Is Intense, Valvoline’s Premium Lineup Should Drive Results
Our $21 per share valuation for narrow-moat Valvoline should not change significantly after it posted second-quarter earnings. We are encouraged that the North American lubricant unit’s margin trajectory improved, in line with our favorable view of its long-term advantages amid a premiumization trend. We still expect mid-single-digit top-line growth against high-teens adjusted operating margins long term and see the shares as attractive.Valvoline saw 3% first-half sales growth against a 19% adj...
Valvoline is a marketer and supplier of engine and automotive maintenance products and services. The company's segments are: Quick Lubes, which services the passenger car and light truck quick lube market via the company-owned, independent franchises and joint venture retail quick lube service center stores, as well as independent Express Care stores that service vehicles with the company's products; Core North America, which sells Valvoline? and other branded and private label engine and automotive maintenance products in the United States and Canada; and International, which sells Valvoline? and other branded engine and automotive products for the maintenance of consumer and commercial vehicles and equipment.
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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