Intrinsic value of Morningstar - MORN

Previous Close

$94.80

  Intrinsic Value

$142.25

stock screener

  Rating & Target

str. buy

+50%

Previous close

$94.80

 
Intrinsic value

$142.25

 
Up/down potential

+50%

 
Rating

str. buy

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.0

 

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
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
Revenue, $m
  799
  924
  1,060
  1,205
  1,359
  1,522
  1,694
  1,875
  2,065
  2,263
  2,470
  2,686
  2,911
  3,144
  3,387
  3,639
  3,901
  4,174
  4,457
  4,751
  5,057
  5,376
  5,708
  6,053
  6,413
  6,789
  7,181
  7,589
  8,016
  8,462
  8,927
Variable operating expenses, $m
 
  692
  785
  885
  991
  1,103
  1,222
  1,346
  1,477
  1,614
  1,756
  1,849
  2,003
  2,164
  2,331
  2,505
  2,685
  2,873
  3,068
  3,270
  3,481
  3,700
  3,929
  4,166
  4,414
  4,673
  4,942
  5,224
  5,517
  5,824
  6,145
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
  692
  785
  885
  991
  1,103
  1,222
  1,346
  1,477
  1,614
  1,756
  1,849
  2,003
  2,164
  2,331
  2,505
  2,685
  2,873
  3,068
  3,270
  3,481
  3,700
  3,929
  4,166
  4,414
  4,673
  4,942
  5,224
  5,517
  5,824
  6,145
Operating income, $m
  181
  232
  275
  320
  368
  419
  472
  529
  588
  650
  714
  837
  907
  980
  1,056
  1,134
  1,216
  1,301
  1,389
  1,481
  1,576
  1,676
  1,779
  1,887
  1,999
  2,116
  2,238
  2,366
  2,499
  2,638
  2,783
EBITDA, $m
  252
  316
  363
  412
  465
  521
  580
  642
  706
  774
  845
  919
  996
  1,076
  1,159
  1,245
  1,335
  1,428
  1,525
  1,625
  1,730
  1,839
  1,953
  2,071
  2,194
  2,323
  2,457
  2,596
  2,742
  2,895
  3,054
Interest expense (income), $m
  1
  9
  12
  16
  20
  25
  29
  34
  40
  45
  51
  57
  63
  69
  76
  83
  90
  98
  106
  114
  122
  131
  140
  150
  159
  170
  180
  192
  203
  216
  228
Earnings before tax, $m
  225
  224
  262
  304
  347
  394
  443
  494
  548
  605
  664
  781
  844
  911
  980
  1,051
  1,126
  1,203
  1,284
  1,367
  1,454
  1,545
  1,639
  1,737
  1,840
  1,946
  2,058
  2,174
  2,295
  2,422
  2,554
Tax expense, $m
  64
  60
  71
  82
  94
  106
  120
  133
  148
  163
  179
  211
  228
  246
  265
  284
  304
  325
  347
  369
  393
  417
  443
  469
  497
  526
  556
  587
  620
  654
  690
Net income, $m
  161
  163
  191
  222
  254
  288
  323
  361
  400
  441
  484
  570
  616
  665
  715
  768
  822
  878
  937
  998
  1,062
  1,128
  1,197
  1,268
  1,343
  1,421
  1,502
  1,587
  1,675
  1,768
  1,865

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
  1,212
  1,389
  1,579
  1,781
  1,995
  2,221
  2,458
  2,707
  2,967
  3,238
  3,521
  3,815
  4,121
  4,439
  4,769
  5,113
  5,470
  5,841
  6,227
  6,628
  7,046
  7,481
  7,934
  8,406
  8,898
  9,411
  9,946
  10,506
  11,090
  11,700
Adjusted assets (=assets-cash), $m
  1,047
  1,212
  1,389
  1,579
  1,781
  1,995
  2,221
  2,458
  2,707
  2,967
  3,238
  3,521
  3,815
  4,121
  4,439
  4,769
  5,113
  5,470
  5,841
  6,227
  6,628
  7,046
  7,481
  7,934
  8,406
  8,898
  9,411
  9,946
  10,506
  11,090
  11,700
Revenue / Adjusted assets
  0.763
  0.762
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
Average production assets, $m
  241
  278
  319
  363
  409
  458
  510
  564
  622
  681
  744
  809
  876
  946
  1,019
  1,095
  1,174
  1,256
  1,342
  1,430
  1,522
  1,618
  1,718
  1,822
  1,930
  2,043
  2,161
  2,284
  2,413
  2,547
  2,687
Working capital, $m
  177
  -147
  -168
  -192
  -216
  -242
  -269
  -298
  -328
  -360
  -393
  -427
  -463
  -500
  -539
  -579
  -620
  -664
  -709
  -755
  -804
  -855
  -908
  -962
  -1,020
  -1,079
  -1,142
  -1,207
  -1,275
  -1,345
  -1,419
Total debt, $m
  250
  353
  464
  583
  709
  843
  984
  1,132
  1,288
  1,450
  1,620
  1,796
  1,980
  2,171
  2,370
  2,577
  2,792
  3,015
  3,247
  3,488
  3,739
  4,000
  4,272
  4,555
  4,850
  5,157
  5,478
  5,813
  6,162
  6,527
  6,909
Total liabilities, $m
  654
  757
  868
  987
  1,113
  1,247
  1,388
  1,536
  1,692
  1,854
  2,024
  2,200
  2,384
  2,575
  2,774
  2,981
  3,196
  3,419
  3,651
  3,892
  4,143
  4,404
  4,676
  4,959
  5,254
  5,561
  5,882
  6,217
  6,566
  6,931
  7,313
Total equity, $m
  697
  454
  521
  592
  668
  748
  833
  922
  1,015
  1,112
  1,214
  1,320
  1,431
  1,545
  1,665
  1,789
  1,917
  2,051
  2,190
  2,335
  2,486
  2,642
  2,805
  2,975
  3,152
  3,337
  3,529
  3,730
  3,940
  4,159
  4,388
Total liabilities and equity, $m
  1,351
  1,211
  1,389
  1,579
  1,781
  1,995
  2,221
  2,458
  2,707
  2,966
  3,238
  3,520
  3,815
  4,120
  4,439
  4,770
  5,113
  5,470
  5,841
  6,227
  6,629
  7,046
  7,481
  7,934
  8,406
  8,898
  9,411
  9,947
  10,506
  11,090
  11,701
Debt-to-equity ratio
  0.359
  0.780
  0.890
  0.980
  1.060
  1.130
  1.180
  1.230
  1.270
  1.300
  1.330
  1.360
  1.380
  1.410
  1.420
  1.440
  1.460
  1.470
  1.480
  1.490
  1.500
  1.510
  1.520
  1.530
  1.540
  1.550
  1.550
  1.560
  1.560
  1.570
  1.570
Adjusted equity ratio
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  161
  163
  191
  222
  254
  288
  323
  361
  400
  441
  484
  570
  616
  665
  715
  768
  822
  878
  937
  998
  1,062
  1,128
  1,197
  1,268
  1,343
  1,421
  1,502
  1,587
  1,675
  1,768
  1,865
Depreciation, amort., depletion, $m
  71
  84
  88
  92
  97
  102
  107
  113
  118
  125
  131
  82
  88
  96
  103
  111
  119
  127
  136
  144
  154
  163
  174
  184
  195
  206
  218
  231
  244
  257
  271
Funds from operations, $m
  219
  247
  279
  314
  351
  390
  431
  474
  519
  566
  615
  652
  705
  760
  818
  878
  941
  1,005
  1,073
  1,143
  1,215
  1,291
  1,370
  1,452
  1,538
  1,627
  1,720
  1,818
  1,919
  2,025
  2,136
Change in working capital, $m
  5
  -20
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
Cash from operations, $m
  214
  267
  301
  337
  375
  416
  458
  502
  549
  598
  648
  686
  741
  798
  857
  918
  982
  1,049
  1,118
  1,189
  1,264
  1,342
  1,423
  1,507
  1,595
  1,687
  1,783
  1,883
  1,987
  2,096
  2,210
Maintenance CAPEX, $m
  0
  -24
  -28
  -32
  -37
  -41
  -46
  -52
  -57
  -63
  -69
  -75
  -82
  -88
  -96
  -103
  -111
  -119
  -127
  -136
  -144
  -154
  -163
  -174
  -184
  -195
  -206
  -218
  -231
  -244
  -257
New CAPEX, $m
  -63
  -38
  -41
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -62
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
Cash from investing activities, $m
  -274
  -62
  -69
  -76
  -83
  -90
  -98
  -106
  -114
  -123
  -131
  -140
  -150
  -158
  -169
  -179
  -190
  -201
  -212
  -225
  -236
  -250
  -263
  -278
  -292
  -308
  -324
  -341
  -359
  -378
  -397
Free cash flow, $m
  -60
  205
  232
  261
  292
  325
  360
  396
  435
  475
  517
  546
  591
  639
  688
  739
  793
  848
  906
  965
  1,028
  1,092
  1,160
  1,230
  1,303
  1,379
  1,458
  1,541
  1,628
  1,718
  1,813
Issuance/(repayment) of debt, $m
  215
  103
  111
  119
  126
  134
  141
  148
  155
  162
  170
  177
  184
  191
  199
  207
  215
  223
  232
  241
  251
  261
  272
  283
  295
  308
  321
  335
  350
  365
  381
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
  103
  111
  119
  126
  134
  141
  148
  155
  162
  170
  177
  184
  191
  199
  207
  215
  223
  232
  241
  251
  261
  272
  283
  295
  308
  321
  335
  350
  365
  381
Total cash flow (excl. dividends), $m
  90
  308
  343
  380
  418
  459
  501
  545
  590
  638
  687
  722
  775
  830
  887
  946
  1,007
  1,071
  1,137
  1,207
  1,278
  1,353
  1,431
  1,513
  1,598
  1,687
  1,779
  1,876
  1,977
  2,083
  2,194
Retained Cash Flow (-), $m
  -57
  -61
  -66
  -71
  -76
  -80
  -85
  -89
  -93
  -97
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -163
  -170
  -177
  -185
  -192
  -201
  -210
  -219
  -229
Prev. year cash balance distribution, $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
Cash flow adjustment, $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
Cash available for distribution, $m
 
  551
  276
  309
  343
  379
  416
  456
  497
  540
  585
  616
  665
  715
  768
  822
  879
  937
  998
  1,062
  1,128
  1,197
  1,268
  1,343
  1,421
  1,502
  1,587
  1,675
  1,768
  1,864
  1,965
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
 
  528
  253
  269
  282
  293
  302
  308
  311
  310
  307
  293
  284
  272
  258
  241
  223
  204
  184
  163
  143
  124
  105
  88
  72
  58
  46
  36
  27
  20
  15
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 25.3
Price to Sales 5.1
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 19
Price to Free Cash Flow 27
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 $799 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 15.7% 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 75.8%.

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 3.5% 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 0%.

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 30.1%.

Life of production assets of 9.9 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 -15.9%. 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 - $697 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 42.543 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 $4.0 billion.

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GOOGL Alphabet Cl A 1,051.97 926.27  hold

COMPANY NEWS

▶ Morningstar raises dividend by 8.7% to 25 cents a share   [Dec-08-17 04:11PM  MarketWatch]
▶ Dollar General Bucks Retail Trends, but Shares Pricey   [Dec-07-17 12:35PM  Morningstar]
▶ Solid Performance From RH, but Shares Pricey   [Dec-06-17 01:20AM  Morningstar]
▶ Good News for Cameco   [05:00AM  Morningstar]
▶ Morningstar Runs the Numbers   [06:00AM  Morningstar]
▶ You Get What You Measure   [Dec-01-17 09:00AM  Morningstar]
▶ Rally Validates Kroger's Value Proposition   [Nov-30-17 01:10PM  Morningstar]
▶ Nokia's Rumored Offer for Juniper Is Rich   [Nov-29-17 10:00PM  Morningstar]
▶ A Peek into the MOTI ETFs Performance   [02:37PM  Market Realist]
▶ HSAs: Room for Improvement   [Nov-24-17 07:00AM  Morningstar]
▶ Urban Outfitters Impresses   [Nov-21-17 08:20AM  Morningstar]
▶ [$$] Some Fund Ads Misrepresent Morningstar Ratings   [12:08AM  The Wall Street Journal]
▶ [$$] Some Fund Ads Misrepresent Morningstar Ratings   [Nov-19-17 09:00AM  The Wall Street Journal]
▶ Morningstar Runs the Numbers   [Nov-17-17 11:30PM  Morningstar]
▶ Turnaround on Track at Undervalued LBrands   [Nov-16-17 12:25PM  Morningstar]
▶ Evaluating Funds From the Portfolio Perspective   [Nov-08-17 07:00AM  Morningstar]
▶ Long-Term Thesis on Under Armour Is Intact   [Oct-31-17 12:00PM  Morningstar]
▶ Statistical Illusions   [07:00AM  Morningstar]
▶ Investors beware: Not all indexes are the same   [Oct-29-17 05:07PM  MarketWatch]
▶ Amazon's Network Effect Strengthens; Shares Undervalued   [Oct-27-17 09:35PM  Morningstar]
▶ The Fault in Morningstar's Stars   [11:56AM  Bloomberg]
▶ How Moat Indexes Performed in September   [10:27AM  Market Realist]
▶ Shadow Banks and Investor Meetings   [09:42AM  Bloomberg]
▶ Star Ratings and Blockchain Stock   [09:38AM  Bloomberg]
▶ [$$] The Morningstar Mirage   [Oct-25-17 11:52PM  The Wall Street Journal]
▶ Morningstar posts 3Q profit   [06:29PM  Associated Press]
▶ [$$] The Morningstar Mirage   [12:43PM  The Wall Street Journal]
▶ HPE Focuses on Subscriptions and Services   [Oct-19-17 12:15PM  Morningstar]
▶ Corporate Credit Spreads Fail to Tighten Further   [Oct-16-17 12:38PM  Morningstar]
▶ Nordstrom Privatization Plans On Hold   [11:03AM  Morningstar]
▶ Peltz Denied P&G Board Seat. Will He Contest?   [Oct-10-17 12:09PM  Morningstar]
▶ Costco Hangs Tough   [09:00AM  Morningstar]
▶ Why Vornado Looks Attractive   [Oct-05-17 07:00PM  Morningstar]
▶ Mylan's Win is Teva's Loss   [Oct-04-17 02:32PM  Morningstar]
▶ Third-Quarter Fixed-Income Market Review   [Oct-02-17 12:45PM  Morningstar]
▶ Invesco's Buy a Good One   [08:51AM  Morningstar]
▶ Market Overreacting to Blackberrys Good News   [Sep-28-17 03:35PM  Morningstar]
▶ McCormick's Recipe Is a Success   [11:02AM  Morningstar]
▶ Is Alibaba's Logistics Strategy a Long-Term Win?   [Sep-27-17 03:00PM  Morningstar]
▶ What CEO Departure Means for Equifax   [09:00AM  Morningstar]
▶ How KION Group Locks in Customers   [Sep-25-17 12:36PM  Market Realist]
▶ This Ad-Tech Firm Looks Attractive   [Sep-21-17 07:15PM  Morningstar]
▶ Kohl's + Amazon = A Win-Win?   [Sep-19-17 11:30AM  Morningstar]
▶ New CEO Doesn't Change Our View of Dollar Tree   [Sep-18-17 01:44PM  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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