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Smartkarma

Equity Bottom-Up

This is Zack Fuss. Today we are breaking down Moody's Corporation. Moody's was founded by John Moody in 1909 with the idea of broadening access to credit information and codifying how people viewed credit statistics by producing manuals of stats related to bonds. In 2000, Moody's was spun off from Dun &amp; Bradstreet as a separately traded public company. Today, it is nearly a $75 billion enterprise business, producing approximately $6 billion in revenue at 45 percent margins. To break down…

Morningstar

Morningstar, Inc.

Wide-moat Moody’s demonstrated the resilience of its business in the first quarter, with declines in its ratings business mostly offset by advances in Moody’s Analytics. For the quarter, the company generating earnings of $1.93 per share on revenue of $1.1 billion, both small increases from the previous year. Global debt issuance decreased 14% in the first quarter to $1.2 trillion, providing a substantial headwind to Moody’s revenue. However, within MIS, Moody’s ratings segment, revenue was down…

After incorporating full-year results and decreasing our model’s cost of equity, we’re increasing our fair value estimate to $196 per share from $168. This is mostly attributable to our updated cost of equity, which we lowered to 7.5% from 9%. We felt that it was prudent to do this because of the resilience Moody’s has demonstrated in its business model. Though revenue tied to bond issuance will always be cyclical, we think Moody’s wide moat allows it to offset lower issuance through higher…

United States

Moody's Corporation is a credit rating, research, and risk analysis firm.  The Company provides credit ratings and related research, data and analytical tools, quantitative credit risk measures, risk scoring software, and credit portfolio management solutions and securities pricing software and valuation models.

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