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

Equity Bottom-Up

Unibail-Rodamco-Westfield / Equity Bottom-Up

<p>We initiate coverage of Australian Chess Depository Interests, or CDIs, of <a href="https://www.smartkarma.com/entities/24846" target="_blank" data-smartkarma-citation="entities:24846:1">Unibail-Rodamco SE (UL FP)</a> (<a href="https://www.smartkarma.com/entities/27181" target="_blank" data-smartkarma-citation="entities:27181:1">Unibail-Rodamco-Westfield (URW AU)</a>), a France-based REIT that recently merged with <a href="https://www.smartkarma.com/entities/896" target="_blank" data-smartkarma-citation="entities:896:1">Westfield Corp (WFD AU)</a>. We ascribe Unibail's CDIs a narrow moat rating and expect no major changes in the company's competitive positioning. The moat source is efficient scale, which is where a market is effectively serviced by existing players and potential competitors are dissuaded from entering as doing so…</p>

We initiate coverage of Australian Chess Depository Interests, or CDIs, of Unibail-Rodamco SE (UL FP) (Unibail-Rodamco-Westfield (URW AU)), a France-based REIT that recently merged with Westfield Corp (WFD AU). We ascribe Unibail's CDIs a narrow moat rating and expect no major changes in the company's competitive positioning. The moat source is efficient scale, which is where a market is effectively serviced by existing players and potential competitors are dissuaded from entering as doing so…

Initiation on Unibail-Rodamco - A Global Retail-Centric REIT with FVE of AUD 14.00