Intrinsic value of Morningstar - MORN

Previous Close

$139.16

  Intrinsic Value

$78.50

stock screener

  Rating & Target

sell

-44%

Previous close

$139.16

 
Intrinsic value

$78.50

 
Up/down potential

-44%

 
Rating

sell

We calculate the intrinsic value of MORN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.27
  14.20
  13.28
  12.45
  11.71
  11.04
  10.43
  9.89
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
Revenue, $m
  799
  1,042
  1,180
  1,327
  1,482
  1,646
  1,817
  1,997
  2,185
  2,380
  2,584
  2,796
  3,017
  3,246
  3,485
  3,732
  3,989
  4,257
  4,535
  4,824
  5,126
  5,439
  5,766
  6,106
  6,461
  6,832
  7,219
  7,623
  8,044
  8,485
  8,946
Variable operating expenses, $m
 
  796
  893
  996
  1,104
  1,219
  1,339
  1,465
  1,597
  1,734
  1,877
  1,959
  2,114
  2,274
  2,441
  2,615
  2,795
  2,982
  3,177
  3,380
  3,591
  3,811
  4,040
  4,278
  4,527
  4,787
  5,058
  5,341
  5,636
  5,945
  6,268
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  618
  796
  893
  996
  1,104
  1,219
  1,339
  1,465
  1,597
  1,734
  1,877
  1,959
  2,114
  2,274
  2,441
  2,615
  2,795
  2,982
  3,177
  3,380
  3,591
  3,811
  4,040
  4,278
  4,527
  4,787
  5,058
  5,341
  5,636
  5,945
  6,268
Operating income, $m
  181
  246
  287
  331
  378
  427
  478
  532
  588
  647
  708
  837
  903
  972
  1,043
  1,117
  1,194
  1,274
  1,358
  1,444
  1,534
  1,628
  1,726
  1,828
  1,934
  2,045
  2,161
  2,282
  2,408
  2,540
  2,678
EBITDA, $m
  252
  405
  459
  516
  577
  640
  707
  777
  850
  926
  1,006
  1,088
  1,174
  1,263
  1,356
  1,452
  1,553
  1,657
  1,765
  1,877
  1,995
  2,117
  2,244
  2,376
  2,515
  2,659
  2,809
  2,966
  3,131
  3,302
  3,482
Interest expense (income), $m
  1
  10
  14
  19
  25
  30
  36
  42
  48
  55
  62
  69
  77
  85
  93
  101
  110
  119
  129
  139
  149
  160
  171
  183
  195
  207
  220
  234
  249
  264
  279
Earnings before tax, $m
  225
  236
  273
  312
  353
  397
  442
  490
  540
  592
  646
  768
  826
  887
  950
  1,016
  1,084
  1,155
  1,229
  1,306
  1,385
  1,469
  1,555
  1,646
  1,740
  1,838
  1,941
  2,048
  2,160
  2,277
  2,399
Tax expense, $m
  64
  64
  74
  84
  95
  107
  119
  132
  146
  160
  174
  207
  223
  240
  257
  274
  293
  312
  332
  353
  374
  397
  420
  444
  470
  496
  524
  553
  583
  615
  648
Net income, $m
  161
  172
  199
  228
  258
  290
  323
  358
  394
  432
  471
  561
  603
  648
  694
  742
  791
  843
  897
  953
  1,011
  1,072
  1,135
  1,201
  1,270
  1,342
  1,417
  1,495
  1,577
  1,662
  1,751

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  304
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,351
  1,571
  1,780
  2,001
  2,235
  2,482
  2,741
  3,012
  3,295
  3,590
  3,898
  4,218
  4,551
  4,896
  5,256
  5,629
  6,017
  6,421
  6,840
  7,277
  7,731
  8,204
  8,697
  9,210
  9,746
  10,305
  10,888
  11,497
  12,133
  12,799
  13,494
Adjusted assets (=assets-cash), $m
  1,047
  1,571
  1,780
  2,001
  2,235
  2,482
  2,741
  3,012
  3,295
  3,590
  3,898
  4,218
  4,551
  4,896
  5,256
  5,629
  6,017
  6,421
  6,840
  7,277
  7,731
  8,204
  8,697
  9,210
  9,746
  10,305
  10,888
  11,497
  12,133
  12,799
  13,494
Revenue / Adjusted assets
  0.763
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
Average production assets, $m
  241
  935
  1,059
  1,191
  1,331
  1,478
  1,632
  1,793
  1,962
  2,138
  2,321
  2,511
  2,709
  2,915
  3,129
  3,351
  3,582
  3,823
  4,072
  4,332
  4,603
  4,884
  5,178
  5,484
  5,802
  6,135
  6,482
  6,845
  7,224
  7,620
  8,034
Working capital, $m
  177
  -56
  -64
  -72
  -80
  -89
  -98
  -108
  -118
  -129
  -140
  -151
  -163
  -175
  -188
  -202
  -215
  -230
  -245
  -261
  -277
  -294
  -311
  -330
  -349
  -369
  -390
  -412
  -434
  -458
  -483
Total debt, $m
  250
  266
  357
  454
  556
  664
  777
  896
  1,019
  1,148
  1,283
  1,423
  1,568
  1,719
  1,876
  2,039
  2,209
  2,385
  2,568
  2,759
  2,958
  3,164
  3,380
  3,604
  3,838
  4,082
  4,337
  4,604
  4,882
  5,172
  5,476
Total liabilities, $m
  654
  686
  778
  874
  977
  1,085
  1,198
  1,316
  1,440
  1,569
  1,703
  1,843
  1,989
  2,140
  2,297
  2,460
  2,629
  2,806
  2,989
  3,180
  3,378
  3,585
  3,800
  4,025
  4,259
  4,503
  4,758
  5,024
  5,302
  5,593
  5,897
Total equity, $m
  697
  884
  1,002
  1,127
  1,259
  1,397
  1,543
  1,696
  1,855
  2,021
  2,195
  2,375
  2,562
  2,757
  2,959
  3,169
  3,388
  3,615
  3,851
  4,097
  4,352
  4,619
  4,896
  5,185
  5,487
  5,802
  6,130
  6,473
  6,831
  7,206
  7,597
Total liabilities and equity, $m
  1,351
  1,570
  1,780
  2,001
  2,236
  2,482
  2,741
  3,012
  3,295
  3,590
  3,898
  4,218
  4,551
  4,897
  5,256
  5,629
  6,017
  6,421
  6,840
  7,277
  7,730
  8,204
  8,696
  9,210
  9,746
  10,305
  10,888
  11,497
  12,133
  12,799
  13,494
Debt-to-equity ratio
  0.359
  0.300
  0.360
  0.400
  0.440
  0.480
  0.500
  0.530
  0.550
  0.570
  0.580
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.690
  0.700
  0.700
  0.700
  0.710
  0.710
  0.710
  0.720
  0.720
Adjusted equity ratio
  0.375
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  161
  172
  199
  228
  258
  290
  323
  358
  394
  432
  471
  561
  603
  648
  694
  742
  791
  843
  897
  953
  1,011
  1,072
  1,135
  1,201
  1,270
  1,342
  1,417
  1,495
  1,577
  1,662
  1,751
Depreciation, amort., depletion, $m
  71
  160
  172
  185
  199
  214
  229
  245
  262
  280
  298
  251
  271
  292
  313
  335
  358
  382
  407
  433
  460
  488
  518
  548
  580
  614
  648
  685
  722
  762
  803
Funds from operations, $m
  219
  332
  371
  413
  457
  503
  552
  603
  656
  712
  769
  812
  874
  939
  1,007
  1,077
  1,150
  1,225
  1,304
  1,386
  1,472
  1,561
  1,653
  1,750
  1,850
  1,955
  2,065
  2,179
  2,299
  2,424
  2,555
Change in working capital, $m
  5
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
Cash from operations, $m
  214
  339
  379
  421
  465
  512
  561
  613
  666
  722
  780
  823
  886
  952
  1,020
  1,090
  1,164
  1,240
  1,319
  1,402
  1,488
  1,577
  1,671
  1,768
  1,869
  1,975
  2,086
  2,201
  2,322
  2,448
  2,580
Maintenance CAPEX, $m
  0
  -82
  -94
  -106
  -119
  -133
  -148
  -163
  -179
  -196
  -214
  -232
  -251
  -271
  -292
  -313
  -335
  -358
  -382
  -407
  -433
  -460
  -488
  -518
  -548
  -580
  -614
  -648
  -685
  -722
  -762
New CAPEX, $m
  -63
  -117
  -124
  -132
  -139
  -147
  -154
  -161
  -169
  -176
  -183
  -190
  -198
  -206
  -214
  -222
  -231
  -240
  -250
  -260
  -270
  -282
  -293
  -306
  -319
  -333
  -347
  -363
  -379
  -396
  -414
Cash from investing activities, $m
  -274
  -199
  -218
  -238
  -258
  -280
  -302
  -324
  -348
  -372
  -397
  -422
  -449
  -477
  -506
  -535
  -566
  -598
  -632
  -667
  -703
  -742
  -781
  -824
  -867
  -913
  -961
  -1,011
  -1,064
  -1,118
  -1,176
Free cash flow, $m
  -60
  140
  161
  183
  207
  232
  259
  288
  318
  350
  384
  401
  437
  475
  514
  555
  597
  641
  687
  735
  784
  836
  889
  944
  1,002
  1,062
  1,125
  1,190
  1,258
  1,329
  1,404
Issuance/(repayment) of debt, $m
  215
  86
  91
  97
  102
  108
  113
  118
  124
  129
  134
  140
  145
  151
  157
  163
  170
  176
  183
  191
  199
  207
  215
  224
  234
  244
  255
  266
  278
  291
  304
Issuance/(repurchase) of shares, $m
  -48
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  162
  86
  91
  97
  102
  108
  113
  118
  124
  129
  134
  140
  145
  151
  157
  163
  170
  176
  183
  191
  199
  207
  215
  224
  234
  244
  255
  266
  278
  291
  304
Total cash flow (excl. dividends), $m
  90
  226
  252
  280
  309
  340
  372
  407
  442
  479
  518
  540
  582
  626
  671
  718
  767
  818
  871
  926
  983
  1,042
  1,104
  1,169
  1,236
  1,307
  1,380
  1,456
  1,536
  1,620
  1,707
Retained Cash Flow (-), $m
  -57
  -110
  -117
  -125
  -132
  -139
  -146
  -153
  -159
  -166
  -173
  -180
  -187
  -195
  -202
  -210
  -218
  -227
  -236
  -246
  -256
  -266
  -277
  -289
  -302
  -315
  -328
  -343
  -358
  -374
  -392
Prev. year cash balance distribution, $m
 
  30
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  24
  27
  31
  34
  39
  43
  47
  52
  57
  62
  67
  73
  78
  84
  91
  97
  104
  111
  118
  125
  133
  141
  150
  159
  168
  178
  188
  198
  209
  221
Cash available for distribution, $m
 
  147
  135
  155
  177
  201
  227
  254
  283
  313
  345
  360
  395
  431
  469
  508
  548
  591
  634
  680
  727
  776
  827
  880
  935
  992
  1,051
  1,114
  1,178
  1,246
  1,316
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  141
  123
  135
  146
  156
  165
  172
  177
  180
  181
  171
  169
  164
  157
  149
  139
  129
  117
  105
  92
  80
  69
  58
  48
  39
  31
  24
  18
  14
  10
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Morningstar, Inc. is a provider of independent investment research in North America, Europe, Australia, and Asia. The Company focuses to create products that help investors reach their financial goals. It offers a range of data, software, research, and investment management offerings for financial advisors, asset managers, sponsors, and individual investors. It provides data and research insights on a range of investment offerings, including managed investment products, listed companies, capital markets, and real-time global market data. It conducts its business operations outside of the United States through subsidiaries in countries, including Australia, Brazil, Canada, Chile, Denmark, France, Germany, India, Italy, Japan, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, People's Republic of China (both Hong Kong and the mainland), Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, the United Arab Emirates, and the United Kingdom.

FINANCIAL RATIOS  of  Morningstar (MORN)

Valuation Ratios
P/E Ratio 37.1
Price to Sales 7.5
Price to Book 8.6
Price to Tangible Book
Price to Cash Flow 27.9
Price to Free Cash Flow 39.6
Growth Rates
Sales Growth Rate 1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10.5%
Cap. Spend. - 3 Yr. Gr. Rate 13.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 35.9%
Total Debt to Equity 35.9%
Interest Coverage 226
Management Effectiveness
Return On Assets 13.6%
Ret/ On Assets - 3 Yr. Avg. 11.4%
Return On Total Capital 19.9%
Ret/ On T. Cap. - 3 Yr. Avg. 16.9%
Return On Equity 24.1%
Return On Equity - 3 Yr. Avg. 18.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 56.8%
Gross Margin - 3 Yr. Avg. 57.7%
EBITDA Margin 37.2%
EBITDA Margin - 3 Yr. Avg. 30.7%
Operating Margin 22.7%
Oper. Margin - 3 Yr. Avg. 20.3%
Pre-Tax Margin 28.2%
Pre-Tax Margin - 3 Yr. Avg. 22.6%
Net Profit Margin 20.2%
Net Profit Margin - 3 Yr. Avg. 15.8%
Effective Tax Rate 28.4%
Eff/ Tax Rate - 3 Yr. Avg. 30.8%
Payout Ratio 23.6%

MORN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MORN stock intrinsic value calculation we used $912 million for the last fiscal year's total revenue generated by Morningstar. The default revenue input number comes from 2016 income statement of Morningstar. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MORN stock valuation model: a) initial revenue growth rate of 14.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for MORN is calculated based on our internal credit rating of Morningstar, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Morningstar.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MORN stock the variable cost ratio is equal to 77.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MORN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Morningstar.

Corporate tax rate of 27% is the nominal tax rate for Morningstar. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MORN stock is equal to 2.6%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MORN are equal to 89.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Morningstar operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MORN is equal to -5.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $805 million for Morningstar - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 43 million for Morningstar is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Morningstar at the current share price and the inputted number of shares is $6.0 billion.

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COMPANY NEWS

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▶ Morningstar Runs the Numbers   [Jun-16-18 06:00AM  Morningstar]
▶ The Battle of the Robo-Advisors   [Jun-12-18 04:17PM  Barrons.com]
▶ Morningstar Runs the Numbers   [Jun-09-18 06:00AM  Morningstar]
▶ Morningstar Investment Conference 2018 Kicks Off   [08:00AM  Investor's Business Daily]
▶ Getting Reacquainted With Risk   [Jun-06-18 07:00AM  Morningstar]
▶ Why You Should Care About Risk-Adjusted Returns   [May-08-18 06:00AM  Morningstar]
▶ /C O R R E C T I O N -- Morningstar, Inc./   [Apr-26-18 12:12PM  PR Newswire]
▶ Morningstar: 1Q Earnings Snapshot   [Apr-25-18 06:23PM  Associated Press]
▶ Don't Try to Time Active and Passive Equity Exposure   [Apr-18-18 07:00AM  Morningstar]
▶ Before Passive Was Cool   [Apr-17-18 01:00AM  Morningstar]
▶ Making Sense of Messy Funds   [Apr-13-18 07:00AM  Morningstar]
▶ [$$] Fidelity fires broadside in battle to cut fund fees   [Apr-11-18 05:40AM  Financial Times]
▶ Morningstar Runs the Numbers   [Apr-07-18 06:00AM  Morningstar]
▶ Morningstar Runs the Numbers   [Mar-31-18 06:00AM  Morningstar]
▶ [$$] Standalone M&G looks to bring back the investors   [Mar-17-18 02:00AM  Financial Times]
▶ 3 Facts About the Best-Known S&P 500 Fund   [Mar-15-18 07:00AM  Morningstar]
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▶ Bond Market Activity Returns to Normal   [Feb-26-18 12:40PM  Morningstar]
▶ Morningstar's Guide to IRAs   [06:00AM  Morningstar]
▶ A Concentrated Portfolio Of High-Quality Growth Stocks   [Feb-25-18 06:03AM  Morningstar]
▶ Boston Beer Looks Frothy   [Feb-22-18 09:43AM  Morningstar]
▶ Advance Auto Parts Looks Cheap   [Feb-21-18 09:08AM  Morningstar]
▶ Morningstar posts 4Q profit   [Feb-20-18 05:13PM  Associated Press]
▶ Volatility-Induced Turbulence Subsides   [12:45PM  Morningstar]
▶ Amid Sell-Off, Multi-Asset Investing Looks Smart Again   [Feb-17-18 06:00AM  Morningstar]
▶ TripAdvisor: Innovation, Better Positioning on Deck   [Feb-15-18 07:37AM  Morningstar]
▶ Your Market Downturn Toolkit   [06:00AM  Morningstar]
▶ What Partnership With GrubHub Means for Yum   [Feb-09-18 01:00AM  Morningstar]
▶ Corporate Credit Spreads Sail Into Choppy Water   [Feb-05-18 01:30PM  Morningstar]
▶ An Upgrade For This Vanguard Quant Fund   [Feb-04-18 06:03AM  Morningstar]
▶ A View of the U.S. Sustainable Funds Landscape   [Feb-01-18 07:00AM  Morningstar]
Financial statements of MORN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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