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 class="p1">Tokyo Electron Ltd. is a key vendor of semiconductor fabrication tools, operating primarily in the etch, deposition, and clean segments, which involve adding and removing materials to semiconductor wafers.</li><li class="p1">We believe TEL's relatively diverse product portfolio will allow it to comfortably weather business cycles over time, allowing the firm to maintain its current R&amp;D levels and experience decent growth over the long term, thus justifying a narrow economic moat.</li></ul><p><em>Analyst: Abhinav Davuluri</em></p>

Tokyo Electron Ltd. is a key vendor of semiconductor fabrication tools, operating primarily in the etch, deposition, and clean segments, which involve adding and removing materials to semiconductor wafers.We believe TEL's relatively diverse product portfolio will allow it to comfortably weather business cycles over time, allowing the firm to maintain its current R&amp;D levels and experience decent growth over the long term, thus justifying a narrow economic moat.Analyst: Abhinav Davuluri

Initiating Coverage on Tokyo Electron Ltd