Intrinsic value of Moody's - MCO

Previous Close

$145.41

  Intrinsic Value

$40.04

stock screener

  Rating & Target

str. sell

-72%

Previous close

$145.41

 
Intrinsic value

$40.04

 
Up/down potential

-72%

 
Rating

str. sell

We calculate the intrinsic value of MCO 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 0001), $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 27.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  17.50
  16.25
  15.13
  14.11
  13.20
  12.38
  11.64
  10.98
  10.38
  9.84
  9.36
  8.92
  8.53
  8.18
  7.86
  7.57
  7.32
  7.08
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
Revenue, $m
  4,940
  5,743
  6,611
  7,544
  8,540
  9,597
  10,715
  11,891
  13,126
  14,417
  15,767
  17,173
  18,638
  20,163
  21,747
  23,394
  25,106
  26,885
  28,733
  30,655
  32,654
  34,733
  36,897
  39,151
  41,499
  43,946
  46,498
  49,161
  51,941
  54,844
Variable operating expenses, $m
  3,971
  4,529
  5,133
  5,781
  6,473
  7,208
  7,984
  8,802
  9,660
  10,557
  10,957
  11,934
  12,952
  14,011
  15,113
  16,257
  17,446
  18,683
  19,967
  21,303
  22,692
  24,136
  25,640
  27,207
  28,838
  30,539
  32,312
  34,163
  36,094
  38,112
Fixed operating expenses, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Total operating expenses, $m
  3,970
  4,528
  5,132
  5,780
  6,472
  7,207
  7,983
  8,801
  9,659
  10,556
  10,956
  11,933
  12,951
  14,010
  15,112
  16,256
  17,445
  18,682
  19,965
  21,301
  22,690
  24,134
  25,638
  27,205
  28,836
  30,537
  32,310
  34,161
  36,092
  38,110
Operating income, $m
  970
  1,215
  1,480
  1,764
  2,068
  2,391
  2,732
  3,091
  3,467
  3,861
  4,811
  5,241
  5,688
  6,153
  6,636
  7,139
  7,661
  8,204
  8,768
  9,354
  9,964
  10,598
  11,258
  11,946
  12,662
  13,409
  14,188
  15,000
  15,848
  16,734
EBITDA, $m
  1,609
  1,871
  2,154
  2,457
  2,782
  3,126
  3,490
  3,873
  4,275
  4,696
  5,135
  5,593
  6,070
  6,566
  7,082
  7,619
  8,176
  8,755
  9,357
  9,983
  10,634
  11,311
  12,015
  12,749
  13,514
  14,311
  15,142
  16,009
  16,914
  17,859
Interest expense (income), $m
  137
  299
  308
  388
  474
  567
  666
  771
  882
  999
  1,122
  1,250
  1,384
  1,524
  1,670
  1,821
  1,979
  2,142
  2,313
  2,489
  2,673
  2,864
  3,063
  3,269
  3,484
  3,708
  3,942
  4,185
  4,439
  4,703
  4,980
Earnings before tax, $m
  670
  906
  1,091
  1,290
  1,501
  1,724
  1,960
  2,208
  2,468
  2,739
  3,561
  3,856
  4,163
  4,483
  4,815
  5,160
  5,518
  5,891
  6,278
  6,681
  7,100
  7,535
  7,989
  8,462
  8,954
  9,467
  10,003
  10,561
  11,145
  11,754
Tax expense, $m
  181
  245
  295
  348
  405
  466
  529
  596
  666
  740
  962
  1,041
  1,124
  1,210
  1,300
  1,393
  1,490
  1,591
  1,695
  1,804
  1,917
  2,035
  2,157
  2,285
  2,418
  2,556
  2,701
  2,852
  3,009
  3,174
Net income, $m
  489
  662
  797
  942
  1,096
  1,259
  1,431
  1,612
  1,802
  2,000
  2,600
  2,815
  3,039
  3,272
  3,515
  3,767
  4,028
  4,300
  4,583
  4,877
  5,183
  5,501
  5,832
  6,177
  6,536
  6,911
  7,302
  7,710
  8,136
  8,581

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  10,102
  11,743
  13,520
  15,428
  17,464
  19,626
  21,912
  24,317
  26,842
  29,483
  32,243
  35,120
  38,115
  41,232
  44,473
  47,841
  51,341
  54,979
  58,759
  62,689
  66,776
  71,029
  75,454
  80,063
  84,864
  89,869
  95,088
  100,534
  106,218
  112,155
Adjusted assets (=assets-cash), $m
  10,102
  11,743
  13,520
  15,428
  17,464
  19,626
  21,912
  24,317
  26,842
  29,483
  32,243
  35,120
  38,115
  41,232
  44,473
  47,841
  51,341
  54,979
  58,759
  62,689
  66,776
  71,029
  75,454
  80,063
  84,864
  89,869
  95,088
  100,534
  106,218
  112,155
Revenue / Adjusted assets
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
Average production assets, $m
  2,351
  2,733
  3,147
  3,591
  4,065
  4,568
  5,100
  5,660
  6,248
  6,863
  7,505
  8,175
  8,872
  9,597
  10,352
  11,136
  11,950
  12,797
  13,677
  14,592
  15,543
  16,533
  17,563
  18,636
  19,753
  20,918
  22,133
  23,401
  24,724
  26,106
Working capital, $m
  -277
  -322
  -370
  -422
  -478
  -537
  -600
  -666
  -735
  -807
  -883
  -962
  -1,044
  -1,129
  -1,218
  -1,310
  -1,406
  -1,506
  -1,609
  -1,717
  -1,829
  -1,945
  -2,066
  -2,192
  -2,324
  -2,461
  -2,604
  -2,753
  -2,909
  -3,071
Total debt, $m
  5,710
  7,188
  8,786
  10,503
  12,336
  14,282
  16,339
  18,504
  20,776
  23,154
  25,637
  28,226
  30,922
  33,728
  36,644
  39,676
  42,826
  46,099
  49,502
  53,039
  56,717
  60,544
  64,528
  68,675
  72,997
  77,501
  82,198
  87,099
  92,215
  97,558
Total liabilities, $m
  9,092
  10,569
  12,168
  13,885
  15,718
  17,664
  19,720
  21,885
  24,157
  26,535
  29,018
  31,608
  34,304
  37,109
  40,026
  43,057
  46,207
  49,481
  52,883
  56,420
  60,099
  63,926
  67,909
  72,057
  76,378
  80,882
  85,580
  90,481
  95,597
  100,939
Total equity, $m
  1,010
  1,174
  1,352
  1,543
  1,746
  1,963
  2,191
  2,432
  2,684
  2,948
  3,224
  3,512
  3,812
  4,123
  4,447
  4,784
  5,134
  5,498
  5,876
  6,269
  6,678
  7,103
  7,545
  8,006
  8,486
  8,987
  9,509
  10,053
  10,622
  11,215
Total liabilities and equity, $m
  10,102
  11,743
  13,520
  15,428
  17,464
  19,627
  21,911
  24,317
  26,841
  29,483
  32,242
  35,120
  38,116
  41,232
  44,473
  47,841
  51,341
  54,979
  58,759
  62,689
  66,777
  71,029
  75,454
  80,063
  84,864
  89,869
  95,089
  100,534
  106,219
  112,154
Debt-to-equity ratio
  5.650
  6.120
  6.500
  6.810
  7.060
  7.280
  7.460
  7.610
  7.740
  7.850
  7.950
  8.040
  8.110
  8.180
  8.240
  8.290
  8.340
  8.380
  8.420
  8.460
  8.490
  8.520
  8.550
  8.580
  8.600
  8.620
  8.640
  8.660
  8.680
  8.700
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  489
  662
  797
  942
  1,096
  1,259
  1,431
  1,612
  1,802
  2,000
  2,600
  2,815
  3,039
  3,272
  3,515
  3,767
  4,028
  4,300
  4,583
  4,877
  5,183
  5,501
  5,832
  6,177
  6,536
  6,911
  7,302
  7,710
  8,136
  8,581
Depreciation, amort., depletion, $m
  640
  656
  674
  693
  714
  735
  758
  782
  808
  834
  323
  352
  382
  414
  446
  480
  515
  552
  590
  629
  670
  713
  757
  803
  851
  902
  954
  1,009
  1,066
  1,125
Funds from operations, $m
  1,129
  1,318
  1,471
  1,635
  1,809
  1,994
  2,189
  2,394
  2,609
  2,834
  2,923
  3,167
  3,422
  3,686
  3,961
  4,247
  4,544
  4,852
  5,173
  5,506
  5,853
  6,213
  6,589
  6,980
  7,388
  7,813
  8,256
  8,719
  9,201
  9,706
Change in working capital, $m
  -41
  -45
  -49
  -52
  -56
  -59
  -63
  -66
  -69
  -72
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -156
  -163
Cash from operations, $m
  1,170
  1,363
  1,519
  1,687
  1,865
  2,053
  2,252
  2,460
  2,678
  2,906
  2,999
  3,246
  3,504
  3,771
  4,050
  4,339
  4,639
  4,952
  5,276
  5,614
  5,965
  6,330
  6,710
  7,106
  7,519
  7,950
  8,399
  8,868
  9,357
  9,868
Maintenance CAPEX, $m
  -86
  -101
  -118
  -136
  -155
  -175
  -197
  -220
  -244
  -269
  -296
  -323
  -352
  -382
  -414
  -446
  -480
  -515
  -552
  -590
  -629
  -670
  -713
  -757
  -803
  -851
  -902
  -954
  -1,009
  -1,066
New CAPEX, $m
  -350
  -382
  -413
  -444
  -474
  -503
  -532
  -560
  -588
  -615
  -642
  -670
  -697
  -725
  -754
  -784
  -815
  -847
  -880
  -915
  -951
  -990
  -1,030
  -1,073
  -1,118
  -1,165
  -1,215
  -1,268
  -1,323
  -1,382
Cash from investing activities, $m
  -436
  -483
  -531
  -580
  -629
  -678
  -729
  -780
  -832
  -884
  -938
  -993
  -1,049
  -1,107
  -1,168
  -1,230
  -1,295
  -1,362
  -1,432
  -1,505
  -1,580
  -1,660
  -1,743
  -1,830
  -1,921
  -2,016
  -2,117
  -2,222
  -2,332
  -2,448
Free cash flow, $m
  735
  879
  988
  1,107
  1,236
  1,375
  1,523
  1,681
  1,847
  2,022
  2,061
  2,253
  2,454
  2,664
  2,882
  3,109
  3,345
  3,590
  3,845
  4,109
  4,384
  4,670
  4,967
  5,277
  5,598
  5,933
  6,282
  6,646
  7,025
  7,421
Issuance/(repayment) of debt, $m
  170
  1,477
  1,599
  1,717
  1,833
  1,946
  2,057
  2,165
  2,272
  2,378
  2,483
  2,589
  2,696
  2,805
  2,917
  3,031
  3,150
  3,274
  3,402
  3,537
  3,678
  3,827
  3,983
  4,148
  4,321
  4,504
  4,697
  4,901
  5,116
  5,343
Issuance/(repurchase) of shares, $m
  848
  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  
  1,018
  1,477
  1,599
  1,717
  1,833
  1,946
  2,057
  2,165
  2,272
  2,378
  2,483
  2,589
  2,696
  2,805
  2,917
  3,031
  3,150
  3,274
  3,402
  3,537
  3,678
  3,827
  3,983
  4,148
  4,321
  4,504
  4,697
  4,901
  5,116
  5,343
Total cash flow (excl. dividends), $m
  1,753
  2,357
  2,587
  2,824
  3,069
  3,321
  3,580
  3,846
  4,119
  4,400
  4,544
  4,842
  5,150
  5,469
  5,798
  6,140
  6,495
  6,863
  7,247
  7,646
  8,063
  8,497
  8,951
  9,424
  9,920
  10,438
  10,980
  11,547
  12,141
  12,764
Retained Cash Flow (-), $m
  -1,338
  -164
  -178
  -191
  -204
  -216
  -229
  -241
  -252
  -264
  -276
  -288
  -300
  -312
  -324
  -337
  -350
  -364
  -378
  -393
  -409
  -425
  -443
  -461
  -480
  -500
  -522
  -545
  -568
  -594
Prev. year cash balance distribution, $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 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
  415
  2,193
  2,409
  2,634
  2,866
  3,105
  3,351
  3,605
  3,866
  4,136
  4,268
  4,555
  4,851
  5,157
  5,474
  5,803
  6,145
  6,500
  6,869
  7,253
  7,654
  8,072
  8,508
  8,964
  9,440
  9,937
  10,458
  11,003
  11,573
  12,170
Discount rate, %
  11.30
  11.87
  12.46
  13.08
  13.74
  14.42
  15.14
  15.90
  16.70
  17.53
  18.41
  19.33
  20.29
  21.31
  22.37
  23.49
  24.67
  25.90
  27.19
  28.55
  29.98
  31.48
  33.06
  34.71
  36.44
  38.27
  40.18
  42.19
  44.30
  46.51
PV of cash for distribution, $m
  373
  1,752
  1,694
  1,611
  1,506
  1,383
  1,249
  1,107
  963
  822
  665
  547
  439
  345
  265
  198
  145
  103
  71
  48
  31
  20
  12
  7
  4
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Moody's Corporation (Moody's) is a provider of credit ratings; credit, capital markets and economic related research, data and analytical tools; software solutions and related risk management services, quantitative credit risk measures, financial services training and certification services, and research and analytical services to financial institution customers. The Company operates in two segments: Moody's Investors Service (MIS) and Moody's Analytics (MA). The MIS segment includes its ratings operations. The MA segment develops a range of products and services that support financial analysis and risk management activities of institutional participants in financial markets. The MIS segment includes corporate finance group; structured finance group; financial institutions group; public, project and infrastructure finance, and MIS Other. The MA segment consists of three lines of business: data and analytics business, enterprise risk solutions and professional service.

FINANCIAL RATIOS  of  Moody's (MCO)

Valuation Ratios
P/E Ratio 103.9
Price to Sales 7.7
Price to Book -22.6
Price to Tangible Book
Price to Cash Flow 22.6
Price to Free Cash Flow 25
Growth Rates
Sales Growth Rate 3.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.2%
Cap. Spend. - 3 Yr. Gr. Rate 22.3%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity -250%
Total Debt to Equity -274.5%
Interest Coverage 5
Management Effectiveness
Return On Assets 6.4%
Ret/ On Assets - 3 Yr. Avg. 16.9%
Return On Total Capital 10.8%
Ret/ On T. Cap. - 3 Yr. Avg. 29.5%
Return On Equity -29.8%
Return On Equity - 3 Yr. Avg. 349.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 71.5%
Gross Margin - 3 Yr. Avg. 71.9%
EBITDA Margin 22.8%
EBITDA Margin - 3 Yr. Avg. 39.6%
Operating Margin 17.7%
Oper. Margin - 3 Yr. Avg. 35.4%
Pre-Tax Margin 15.5%
Pre-Tax Margin - 3 Yr. Avg. 33%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 21.4%
Effective Tax Rate 50.5%
Eff/ Tax Rate - 3 Yr. Avg. 37.6%
Payout Ratio 106.7%

MCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MCO stock intrinsic value calculation we used $4204.1 million for the last fiscal year's total revenue generated by Moody's. The default revenue input number comes from 0001 income statement of Moody's. 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 MCO stock valuation model: a) initial revenue growth rate of 17.5% 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 11.3%, whose default value for MCO is calculated based on our internal credit rating of Moody's, 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 Moody's.
    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 MCO stock the variable cost ratio is equal to 82.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $-1 million in the base year in the intrinsic value calculation for MCO 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 Moody's.

Corporate tax rate of 27% is the nominal tax rate for Moody's. 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 MCO 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 MCO are equal to 47.6%.

Life of production assets of 23.2 years is the average useful life of capital assets used in Moody's 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 MCO is equal to -5.6%. 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 - $-327.7 million for Moody's - 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 191.89 million for Moody's 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 Moody's at the current share price and the inputted number of shares is $27.9 billion.

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COMPANY NEWS

▶ Moodys Analytics Wins at Best in Biz Awards 2018   [Dec-05-18 04:30PM  Business Wire]
▶ Robert Olstein Keeps Buying Caterpillar, Moody   [Nov-28-18 12:26PM  GuruFocus.com]
▶ Moody's Corporation to Present at Investor Conferences   [Nov-16-18 08:30AM  Business Wire]
▶ 3 Reasons to Stay Away From General Electric (GE) Stock   [Nov-15-18 07:00AM  InvestorPlace]
▶ 4 Stocks Insiders and Warren Buffett Are Crazy About   [Nov-13-18 12:37AM  Insider Monkey]
▶ Moodys Names David Platt Chief Strategy Officer   [Nov-08-18 07:03AM  Business Wire]
▶ Moodys Analytics Expands its Award-Winning Data Alliance   [Nov-01-18 11:00AM  Business Wire]
▶ China Signals More Stimulus Measures Planned   [Oct-31-18 10:36PM  Bloomberg]
▶ 5 Top Stocks to Buy in November   [12:24PM  Motley Fool]
▶ Moody's: 3Q Earnings Snapshot   [07:09AM  Associated Press]
▶ Moody's grades Mercy Health's bonds as stable, predicts growth in 2019   [Oct-24-18 10:53AM  American City Business Journals]
▶ EU rejects Italy's budget, raising stakes in dispute   [Oct-23-18 04:41PM  Associated Press]
▶ Moodys Invests in Team8 Cybersecurity Fund   [07:45AM  Business Wire]
▶ Italy stands firm against EU in budget dispute   [Oct-22-18 11:32AM  Associated Press]
▶ Italy stands firm against EU in budget dispute   [09:12AM  Associated Press]
▶ RPT-Rating firms look harder at corporate leverage   [Oct-05-18 03:16PM  Reuters]
▶ Does Tech Threaten Advisory Firms?   [05:16PM  Barrons.com]
▶ Moodys Names Mona Breed as Chief Information Officer   [Sep-25-18 04:30PM  Business Wire]
▶ Moodys Analytics Strengthens the CreditLens Platform   [Sep-24-18 02:17PM  Business Wire]
▶ Rising oil prices haven't hurt the US economy so far   [Sep-21-18 06:47PM  Associated Press]
▶ WeissLaw LLP Investigates Reis, Inc. Acquisition   [Aug-31-18 04:25PM  PR Newswire]
▶ Moodys Completes Acquisition of Omega Performance   [Aug-20-18 05:06PM  Business Wire]
▶ Turkey's president says country will defy economic threats   [Aug-18-18 07:55AM  Associated Press]

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