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

We are initiating on APN Outdoor with a no-moat rating and a AUD 5.80 per share fair value estimate.APN Outdoor is well-positioned to benefit from the positive dynamics driving the Australian (and New Zealand) outdoor advertising industry. Unlike other forms of traditional media, the outdoor medium's audience is rising and digital technology is a growth facilitator. These drivers are longdated, and will continue to be exploited by APN Outdoor.Analyst: Brian Han

We are initiating on APN Outdoor with a no-moat rating and a AUD 5.80 per share fair value estimate.APN Outdoor is well-positioned to benefit from the positive dynamics driving the Australian (and New Zealand) outdoor advertising industry. Unlike other forms of traditional media, the outdoor medium's audience is rising and digital technology is a growth facilitator. These drivers are longdated, and will continue to be exploited by APN Outdoor.Analyst: Brian Han

No-Moat APN Outdoor Enjoying the Great Outdoors; Initiating with AUD 5.80 Fair Value Estimate

Apn Outdoor

No-Moat APN Outdoor Enjoying the Great Outdoors; Initiating with AUD 5.80 Fair Value Estimate