Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We 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 more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 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, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

Fears of the impact of Britain's exit from the European Union have pushed down the prices of most European communication stocks. We think this is an overreaction as we view telecom as a sector somewhat immune to geopolitical changes. In our view, Brexit will have no effect on cross-border transfers of voice or data as mobile termination rates for voice have already been reduced to negligible levels and for data have been cut in half and will be down to local roaming rates by the end of 2017.Within the U.K., we think BT will likely be the most affected as the majority of its revenue is from the U.K. Its only non-U.K. revenue is from its global services division. However, we think what losses do accrue will be offset by stronger revenue from the global services division as revenue from other currencies is translated into a weaker pound.Analysts: Allan C. Nichols, CFA

Fears of the impact of Britain's exit from the European Union have pushed down the prices of most European communication stocks. We think this is an overreaction as we view telecom as a sector somewhat immune to geopolitical changes. In our view, Brexit will have no effect on cross-border transfers of voice or data as mobile termination rates for voice have already been reduced to negligible levels and for data have been cut in half and will be down to local roaming rates by the end of 2017.Within the U.K., we think BT will likely be the most affected as the majority of its revenue is from the U.K. Its only non-U.K. revenue is from its global services division. However, we think what losses do accrue will be offset by stronger revenue from the global services division as revenue from other currencies is translated into a weaker pound.Analysts: Allan C. Nichols, CFA

We Believe Brexit Fears Have Unfairly Driven Down Shares of Most European Communication Stocks

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Event-Driven

Chances that CK Hutchison’s possible appeal of the European Commission’s decision to block its UK merger with Telefonica’s O2 will succeed are scant, UK lawyers told CTFN.  An appeal will take at least a year to be decided upon, so it would almost certainly not save the deal even if Hutchison were to win.

Chances that CK Hutchison’s possible appeal of the European Commission’s decision to block its UK merger with Telefonica’s O2 will succeed are scant, UK lawyers told CTFN.  An appeal will take at least a year to be decided upon, so it would almost certainly not save the deal even if Hutchison were to win.

Hutchison Stands Slim Chance of Winning EC Appeal

On May 11, Margrethe Vestager, the EU competition commissioner, rejected CK Hutchison's 3 UK's proposedacquisition of Telefonica's U.K. division O2 UK.We had thought the odds of approval were about 50%, so we aren't surprised by the rejection.We think this makes approval of CK Hutchison's 3 Italia's proposed merger in Italy with VimpelCom's Wind division highly unlikely.Competition is much lower in Italy, as evidenced by fewer mobile virtual network operators and much higher EBITDA margins.Analysts: Dan Baker &amp; Lorraine Tan

On May 11, Margrethe Vestager, the EU competition commissioner, rejected CK Hutchison's 3 UK's proposedacquisition of Telefonica's U.K. division O2 UK.We had thought the odds of approval were about 50%, so we aren't surprised by the rejection.We think this makes approval of CK Hutchison's 3 Italia's proposed merger in Italy with VimpelCom's Wind division highly unlikely.Competition is much lower in Italy, as evidenced by fewer mobile virtual network operators and much higher EBITDA margins.Analysts: Dan Baker &amp; Lorraine Tan

EU Competition Commission Rejects 3's Acquisition of O2; Telefonica's Shares Undervalued

Telefónica is actively assessing alternate options to reduce its €50 billion debt pile in case its agreed £10.3 billion sale of U.K. mobile business O2 to CK Hutchison’s Three fails to gain European Commission approval, various sources told CTFN.

Telefónica is actively assessing alternate options to reduce its €50 billion debt pile in case its agreed £10.3 billion sale of U.K. mobile business O2 to CK Hutchison’s Three fails to gain European Commission approval, various sources told CTFN.

Telefónica Running Rule over Plan B to O2 Sale

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

<ul><li>TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.</li><li>But Internet TV will move faster and be more disruptive than analysts predict.</li><li>The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.</li><li>Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.</li><li>TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.</li></ul>

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.But Internet TV will move faster and be more disruptive than analysts predict.The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.

Spain

Telefonica S.A. provides telecommunications services mainly to countries in Europe and Latin America.  The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

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Telefonica SA (TEF SM)

We Believe Brexit Fears Have Unfairly Driven Down Shares of Most European Communication Stocks

Fears of the impact of Britain's exit from the European Union have pushed down the prices of most European communication stocks. We think this is...

Morningstar, Inc.

Hutchison Stands Slim Chance of Winning EC Appeal

Chances that CK Hutchison’s possible appeal of the European Commission’s decision to block its UK merger with Telefonica’s O2 will succeed are...

CTFN

EU Competition Commission Rejects 3's Acquisition of O2; Telefonica's Shares Undervalued

On May 11, Margrethe Vestager, the EU competition commissioner, rejected CK Hutchison's 3 UK's proposedacquisition of Telefonica's U.K. division O2...

Morningstar, Inc.

Telefónica Running Rule over Plan B to O2 Sale

Telefónica is actively assessing alternate options to reduce its €50 billion debt pile in case its agreed £10.3 billion sale of U.K. mobile...

CTFN

Internet TV as an Investment Theme

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to...

CM Research

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