Viacom Posts Strong Start to Fiscal 2018; Future Affiliate Fee Growth Remains Unclear
Viacom started fiscal 2018 on a strong note, as first-quarter revenue met Street estimates and adjusted operating income for the quarter beat consensus projections. While the firm appears to be hitting its stride with respect to its restructuring plan, we remain concerned about the weak affiliate fee guidance for fiscal 2018, which we believe highlights the challenges facing Viacom as over-the-top pay TV continues to expand. We are maintaining our narrow moat rating and our fair value estimate o...
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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