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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Thematic (Sector/Industry)

India Utilities / Thematic (Sector/Industry)

President-elect Donald Trump's impact on most companies' intrinsic value is expected to be immaterial, even with a Republican-controlled Congress. However, some industries will be fundamentally impacted. Determining the policies that Trump will prioritize and handicapping the probability of implementation is an inexact science. Regardless, utilizing his 100-day action plan “Contract with the American Voter” along with our own industry-based knowledge of implementation opportunities and challenges, we're able to peg some likely outcomes. Relevant implications include renegotiation or withdrawal from  NAFTA and TPP, removal of two million undocumented immigrants, a cut in the corporate tax rate, higher infrastructure spending, repeal of the Affordable Care Act, and increased military spending. After layering in our own analysis on probable outcomes, our initial forecast is that the defense, steel, and drug industries stand to benefit the most (relative to a Clinton victory) while companies exposed to trade with Mexico and changing immigration patterns are unlikely to emerge unscathed.<ul><li>Under a Trump administration we envision the Department of Defense budget moving above $650 billion in the government fiscal year 2019 request (compared with the Obama administration's $582.7 billion request for 2017). </li><li>The steel industry represents a possible beneficiary of Trump's lofty infrastructure spending plans. However, after a sharp post-election rally, steel stocks now discount overly optimistic nonresidential construction spending expectations.</li><li>The threat of price cuts for drug companies like Allergan is lower than it would be under a Clinton administration. </li><li>Companies with exposure to cross-border trade with Mexico and its currency face the most threat.</li></ul>Analyst: Elizabeth Collins, CFA

President-elect Donald Trump's impact on most companies' intrinsic value is expected to be immaterial, even with a Republican-controlled Congress. However, some industries will be fundamentally impacted. Determining the policies that Trump will prioritize and handicapping the probability of implementation is an inexact science. Regardless, utilizing his 100-day action plan “Contract with the American Voter” along with our own industry-based knowledge of implementation opportunities and challenges, we're able to peg some likely outcomes. Relevant implications include renegotiation or withdrawal from  NAFTA and TPP, removal of two million undocumented immigrants, a cut in the corporate tax rate, higher infrastructure spending, repeal of the Affordable Care Act, and increased military spending. After layering in our own analysis on probable outcomes, our initial forecast is that the defense, steel, and drug industries stand to benefit the most (relative to a Clinton victory) while companies exposed to trade with Mexico and changing immigration patterns are unlikely to emerge unscathed.Under a Trump administration we envision the Department of Defense budget moving above $650 billion in the government fiscal year 2019 request (compared with the Obama administration's $582.7 billion request for 2017). The steel industry represents a possible beneficiary of Trump's lofty infrastructure spending plans. However, after a sharp post-election rally, steel stocks now discount overly optimistic nonresidential construction spending expectations.The threat of price cuts for drug companies like Allergan is lower than it would be under a Clinton administration. Companies with exposure to cross-border trade with Mexico and its currency face the most threat.Analyst: Elizabeth Collins, CFA

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