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 have been dismayed by some in the investment community who have categorized Ferrari, with respect to valuation, as an automotive company. In our opinion, calling Ferrari an automotive company is akin to categorizing Cartier with Zales or Hermès with Target. Stable growth, expansive profitability, consistent high returns on invested capital, and a brand that captures the imagination of many around the world, but pricing that only a select few can afford, all support our wide  economic moat rating on Ferrari. Similar characteristics also support the wide economic moat ratings of most of the companies in Morningstar's luxury goods coverage. The purpose of this report is to demonstrate to investors the similarities between Ferrari and luxury goods companies versus other aspirational autos.Analyst: Richard Hilgert

We have been dismayed by some in the investment community who have categorized Ferrari, with respect to valuation, as an automotive company. In our opinion, calling Ferrari an automotive company is akin to categorizing Cartier with Zales or Hermès with Target. Stable growth, expansive profitability, consistent high returns on invested capital, and a brand that captures the imagination of many around the world, but pricing that only a select few can afford, all support our wide  economic moat rating on Ferrari. Similar characteristics also support the wide economic moat ratings of most of the companies in Morningstar's luxury goods coverage. The purpose of this report is to demonstrate to investors the similarities between Ferrari and luxury goods companies versus other aspirational autos.Analyst: Richard Hilgert 

Wide-Moat Ferrari Deserving of Luxury Goods Title

Ferrari N.V.

Wide-Moat Ferrari Deserving of Luxury Goods Title