Verizon Wireless Delivers Another Solid Quarter; Increasing FVE to $50
Narrow-moat-rated Verizon reported third-quarter results that were relatively in line with our expectations. We are raising our fair value estimate from $48 per share to $50 to account for slightly higher margin expectations and the time value of money. We believe the shares are approximately fairly valued. Total reported revenue grew 2.5% year over year. On an organic basis, excluding the impact from acquisitions and divestitures, revenue fell 2.3% year over year, primarily due to the decline i...Verizon Communications is a holding company. Through its subsidiaries, the company provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The company has two reportable segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business). The company's Consumer segment provides consumer-focused wireless and wireline communications services and products under the Verizon brand and through wholesale and other arrangements. The company's Business segment provides, among others, wireless and wireline communications services and products, video and data services, corporate networking solutions, security and managed network services.
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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