Xerox Running Out of Ink but Not Paper With Fading Revenue and EPS Growth; Maintain $27.50 FVE
Xerox reported fourth-quarter earnings half in black and white, half in color. While revenue declined (falling slightly less than our expectations), adjusted earnings per share grew with the help of Xerox’s operational efficiency program, Project Own It. The results proved that the company’s cost-cutting was able to negate the effect of revenue declines, which management expects to continue in fiscal 2019. However, we think this effect isn’t sustainable, which is pertinent because we think reven...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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