Report
David Whiston, CFA, CPA, CFE
EUR 147.86 For Business Accounts Only

Winnebago's brand equity remains strong and the Grand Design acquisition is a game changer.

We are not changing our moat rating or fair value estimate on Winnebago following its reporting of a solid fourth quarter to end fiscal 2016. The numbers were not different from the company’s pre-announcement of results made Oct. 3 for the Grand Design acquisition of revenue and EPS of $263.3 million and $0.49, respectively. Operating margin expanded by 50 basis points year over year to 7.2% as a 90-basis-point increase in gross margin more than offset higher operating expenses. Gross margin imp...
Underlying
Target Corporation

Target provides its customers everyday essentials and merchandise. The company sells an assortment of general merchandise and food. The majority of the company's general merchandise stores provide an edited food assortment, including perishables, dry grocery, dairy, and frozen items. The company's small format stores provide curated general merchandise and food assortments. The company's digital channels include merchandise assortment, including various items found in its stores, along with a complementary assortment. The company also sells merchandise through periodic design and partnerships. The company's owned brands merchandise include: A New Day?, Archer Farms?, Art Class?, Ava & Viv?, Cat & Jack?, and Cloud Island?, among others.

Provider
Morningstar
Morningstar

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.

Analysts
David Whiston, CFA, CPA, CFE

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