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

Kobayashi Pharmaceutical Co / Equity Bottom-Up

<p>We initiate a niche consumer product play <a href="https://www.smartkarma.com/entities/14930" target="_blank" data-smartkarma-citation="entities:14930:1">Kobayashi Pharmaceutical Co (4967 JP)</a> with a fair value estimate of JPY 6,900. We assign the company a narrow-moat rating, underpinned by the company’s intangible asset of an entrenched retailer relationship in Japan. Although we like the firm’s niche strategy and relatively attractive margin among the consumer names in Japan, the stock has outperformed Topix over the past two years, and now trades at 6% premium to our fair value estimate. It seems the…</p>

We initiate a niche consumer product play Kobayashi Pharmaceutical Co (4967 JP) with a fair value estimate of JPY 6,900. We assign the company a narrow-moat rating, underpinned by the company’s intangible asset of an entrenched retailer relationship in Japan. Although we like the firm’s niche strategy and relatively attractive margin among the consumer names in Japan, the stock has outperformed Topix over the past two years, and now trades at 6% premium to our fair value estimate. It seems the…

Initiating Coverage of Kobayashi Pharmaceutical With JPY 6,900 FVE and Narrow-Moat Rating