Versum Materials: Double-Digit Revenue Growth Highlights First-Quarter Results; Raise FVE to $29.
We raised our fair value estimate for narrow-moat electronic materials supplier Versum Materials to $29 per share from $27 following fiscal first-quarter results that pointed to stronger-than-forecast revenue growth and healthy free cash flow.Versum is managing its transition to an independent company following its October 2016 spin-off from Air Products. Key steps under way include relocating its headquarters to Tempe, Arizona, creating an ERP system, and completing several capacity debottlene...
Versum Materials is a provider of solutions to the semiconductor and display industries with knowledge in the development, manufacturing, transportation and handling of specialty materials. The company has two segments: Materials, which provides materials for deposition, metallization, chamber cleaning and etching, chemicals mechanical planarization slurries, organosilanes, organometallics and liquid dopants for thin film deposition, and chemical products; and Delivery Systems and Services, which designs, manufactures, installs, operates, and maintains chemical and gas delivery and distribution systems for specialty gases and chemicals delivered directly to the company's customers' manufacturing tools.
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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