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">STW Communications' size belies the fact that it is a&nbsp;collection of 80-odd individual, largely autonomous,&nbsp;businesses. While a model that fosters nimbleness, it&nbsp;also largely ameliorates scale benefits.</li><li class="p1">STW Communications is in the midst of a substantial&nbsp;restructuring. Businesses are being rationalised, costs cut,&nbsp;capital preserved and the core operations sweated for cash&nbsp;flow.</li><li class="p1">Amid decreasing switching costs, the company is more&nbsp;than holding its own in terms of contract wins and client&nbsp;retention, owing to the strength of its key agency and&nbsp;diversified marketing brands.</li><li class="p1">Management's acquisition strategy will mitigate&nbsp;competitive tension. But it also increases complexity and&nbsp;indebtedness, as often only minority interests are&nbsp;acquired, bringing with them future earn-out obligations</li></ul><p><em>Analyst: Brian Han</em></p>

STW Communications' size belies the fact that it is a&nbsp;collection of 80-odd individual, largely autonomous,&nbsp;businesses. While a model that fosters nimbleness, it&nbsp;also largely ameliorates scale benefits.STW Communications is in the midst of a substantial&nbsp;restructuring. Businesses are being rationalised, costs cut,&nbsp;capital preserved and the core operations sweated for cash&nbsp;flow.Amid decreasing switching costs, the company is more&nbsp;than holding its own in terms of contract wins and client&nbsp;retention, owing to the strength of its key agency and&nbsp;diversified marketing brands.Management's acquisition strategy will mitigate&nbsp;competitive tension. But it also increases complexity and&nbsp;indebtedness, as often only minority interests are&nbsp;acquired, bringing with them future earn-out obligationsAnalyst: Brian Han

Re-Rating Hinges on Another Half of Strong Cash Flow Performance

WPP AUNZ

Re-Rating Hinges on Another Half of Strong Cash Flow Performance