Xerox Completes the Spin-Off of Conduent; Lowering Our FVE to $8
On Jan. 3, 2016, Xerox completed the divestiture of Conduent, its business process outsourcing operating segment. As a result, we are lowering our fair value estimate for this no-moat company to $8 per share from $11 per share. We think Xerox is in a much better position to improve its margin profile with Conduent operating as a stand-alone entity. In our view, the company’s decision to split its business process outsourcing operations from its printing business will simplify the decision-making...Xerox is a provider of digital print technology and intelligent work solutions. The company operates in three main areas: Intelligent Workplace Services, which includes a continuum of solutions and services consisting of managed print services, industry digital solutions, personalization and communication software, content management solutions, and digitization services; Workplace Solutions, which is made up of two product groups, Entry and Mid-Range, which share common technology, manufacturing and product platforms; and Production Solutions, which enable full-color, on-demand printing of a range of applications, including variable data for personalized content and one-to-one 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.
We have operations in 27 countries.
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