Narrow-Moat Weibo Remains Undervalued for Long-Term Investors Despite Near-Term Weaker Performance
We have reduced our 2018/2019/2020 revenue growth assumption of narrow-moat Weibo to 49%/18%/10% from 53%/28%/18%, respectively, to factor in weaker economic growth, resulting in reduced advertising budget from corporate in 2018, stronger competition in the advertising market, and unfavorable exchange rate. We expect non-GAAP operating margin to trend down to 38.7% in 2018 and 37.0% in both 2019 and 2020. We assume an acceleration in revenue growth rate to 25% in 2020 and 2021 and non-GAAP opera...
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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