WPP controls the scale and the prestigious agencies necessary to maintain its leading position.
WPP provided its first half of 2016 update with top and bottom-line results that were ahead of our expectations. Net sales improved by 3.8% on a like-for-like basis and EBIT margin improved by 30 basis points, slightly above 2016 guidance. We maintain our narrow moat rating and raise our fair value for WPP to GBX 1,635 to account for slightly faster revenue growth in 2016 and 2017 and slightly higher margin expansion. Our fair value estimate for the U.S.-listed shares remains at $110 as the weak...WPP is a holding company. Through its subsidiaries, Co. is a communications services organization providing national and multinational clients a range of communications services. Co. is organized into four operating segments: Advertising and Media Investment Management; Data Investment Management; Public Relations and Public Affairs; and Branding and Identity, Healthcare and Specialist Communications. This last reportable segment includes WPP Digital and direct, digital, promotional & relationship marketing.
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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