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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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Thematic (Sector/Industry)

United states It / Thematic (Sector/Industry)

The television ecosystem is constantly evolving and the traditional bundle model has come under pressure recently, but we believe investors have overreacted to fears that a sudden shift in consumer behaviour is about to occur.In our view, the changes taking place today are a continuation of the fragmentation that has been occurring over the past several decades. However, we also believe that the media industry only thrives when as many consumers as possible have access to popular content and that those capable of producing a wide variety of programming are as well positioned as ever.As a result, we see several media stocks, including wide-moat-rated Disney, Time Warner, and Fox, trading at substantial discounts to our fair value estimates.The key question answered in this piece is how the media industry can evolve to combat the challenges currently facing the traditional television business.We expect consumer purchase decisions will fragment into network choices, where cable companies like Comcast are positioned to dominate, and content selection.We believe content owners should work aggressively to accelerate this shift, encouraging new entrants to innovate the manner in which consumers interact with content and compete away excess profits that exist in the content distribution business today to make content more affordable to consumers.In so doing, we see a clear path to maintain and enhance the broad appeal that the traditional bundle has enjoyed for most of the past couple of decades.Against this backdrop, we present our framework for separating out wide-moat media firms, a group of firms we expect to remain dominant even if our prescription for the industry doesn&rsquo;t come to fruition.

The television ecosystem is constantly evolving and the traditional bundle model has come under pressure recently, but we believe investors have overreacted to fears that a sudden shift in consumer behaviour is about to occur.In our view, the changes taking place today are a continuation of the fragmentation that has been occurring over the past several decades. However, we also believe that the media industry only thrives when as many consumers as possible have access to popular content and that those capable of producing a wide variety of programming are as well positioned as ever.As a result, we see several media stocks, including wide-moat-rated Disney, Time Warner, and Fox, trading at substantial discounts to our fair value estimates.The key question answered in this piece is how the media industry can evolve to combat the challenges currently facing the traditional television business.We expect consumer purchase decisions will fragment into network choices, where cable companies like Comcast are positioned to dominate, and content selection.We believe content owners should work aggressively to accelerate this shift, encouraging new entrants to innovate the manner in which consumers interact with content and compete away excess profits that exist in the content distribution business today to make content more affordable to consumers.In so doing, we see a clear path to maintain and enhance the broad appeal that the traditional bundle has enjoyed for most of the past couple of decades.Against this backdrop, we present our framework for separating out wide-moat media firms, a group of firms we expect to remain dominant even if our prescription for the industry doesn&rsquo;t come to fruition.

Broadridge Financial Solutions, Inc (BR US)

The Evolution of the Television Bundle: There's Still Plenty of Profit in Couch Potatoes