Morningstar

Morningstar, Inc.

Equity Bottom-Up

No-moat Magna reported first-quarter 2019 diluted earnings per share before special items (EPS) of $1.63, $0.21 lower than the same period last year and $0.07 short of the sell-side consensus EPS of $1.70. Revenue of $10.59 billion represented a 1.9% decrease compared with $10.79 billion reported for first-quarter 2017. Management also reduced 2019 revenue and margin outlook, on average, by 3% and by 0.6 percentage points, respectively, relative to prior guidance. The news sent shares lower by…

Magna is one of the largest, most diversified auto-parts suppliers in the world. However, as exemplified by formerly bankrupt Delphi and Visteon, large and diversified is no guarantee of success, nor is it a guarantee of returns for investors. While breadth in product and services can be advantageous with regard to cross-selling--commercial activities that bolster content per vehicle and market penetration--we see only limited evidence that Magna's diversified strategy has benefited investors in…

United States

Mistras Group, Inc. develops asset protection solutions. The Company provides acoustic, ultrasonic , thermography, radiography, non-destructive testing platforms used to evaluate the structural and mechanical integrity of critical energy, industrial and public infrastructure. Mistras Group conducts business worldwide.

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