U.S. continues to deliver on growth but not on margin.
Along with its first-half results, no-moat Wolseley announced its plan to exit the Nordic region due to the lack of synergies. As we have always been sceptical of the value of carrying these low-margin businesses that lacked distribution and product overlap with its main U.S. business, we were happy to see this announcement. The Nordic business makes up 12% of group revenue but only 3% of trading profit and has had a shrinking top line to boot. We will be reviewing our model for the eventual exi...
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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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