Versum Materials Second-Quarter Results Reflect Broad-Based Demand Strength. Raising our FVE to $30.
We raise our fair value estimate for narrow-moat electronic materials supplier Versum Materials to $30 per share from $29 following strong second-quarter fiscal results that pointed to faster revenue growth and higher operating cash flow.Demand for Versum’s products and services are outpacing that for the semiconductor industry overall. Quarterly revenue grew 16% year over year reflecting robust volume growth of 18% and a 1% currency tailwind, partly offset by a 3% unfavorable price/mix effect....
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.
We have operations in 27 countries.
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