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.

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Equity Bottom-Up

<ul><li>Cochlear is global leader in the design and production of hearing implants, with an almost unblemished track record until the recall of the Nucleus 5 implant in 2011.</li><li>Notably, the recall was voluntary and based on adverse results in less than 1% of products issued.</li><li>Management's conservative decision to voluntarily recall the product preserved customer goodwill despite the temporarily negative impact to investor sentiment.</li><li>After a sharp decline in its stock price in response to the recall, the shares have regained momentum, reflecting both a meaningful dividend yield as well as solid medium- and long-term growth prospects.</li><li>Cochlear is a leading innovator of hearing implant technology for the profoundly deaf, generating AUD 805 million in revenue in fiscal 2014.</li><li>Sales are spread approximately among North America (39%), Europe (44%), and Asia-Pacific (17%).</li><li>Cochlear's reputation for technological innovation and reliability in a highly specialised medical science niche coupled with a strong intellectual property position represent strong competitive advantages that provide a narrow economic moat that should sustain high returns on capital.</li><li>Adding to the sustainability of excess returns, the firm invests 10% to 15% of sales in research and development annually.</li></ul><p>Analyst: Chris Kallos CFA</p><p>Full report below the fold...</p>

Cochlear is global leader in the design and production of hearing implants, with an almost unblemished track record until the recall of the Nucleus 5 implant in 2011.Notably, the recall was voluntary and based on adverse results in less than 1% of products issued.Management's conservative decision to voluntarily recall the product preserved customer goodwill despite the temporarily negative impact to investor sentiment.After a sharp decline in its stock price in response to the recall, the shares have regained momentum, reflecting both a meaningful dividend yield as well as solid medium- and long-term growth prospects.Cochlear is a leading innovator of hearing implant technology for the profoundly deaf, generating AUD 805 million in revenue in fiscal 2014.Sales are spread approximately among North America (39%), Europe (44%), and Asia-Pacific (17%).Cochlear's reputation for technological innovation and reliability in a highly specialised medical science niche coupled with a strong intellectual property position represent strong competitive advantages that provide a narrow economic moat that should sustain high returns on capital.Adding to the sustainability of excess returns, the firm invests 10% to 15% of sales in research and development annually.Analyst: Chris Kallos CFAFull report below the fold...

Cochlear a global leader in the design and production of hearing implants

Cochlear Ltd

Cochlear a global leader in the design and production of hearing implants