Intrinsic value of Morningstar - MORN

Previous Close

$96.55

  Intrinsic Value

$155.06

stock screener

  Rating & Target

str. buy

+61%

Previous close

$96.55

 
Intrinsic value

$155.06

 
Up/down potential

+61%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Morningstar (MORN) stock.

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
  17.30
  16.07
  14.96
  13.97
  13.07
  12.26
  11.54
  10.88
  10.29
  9.77
  9.29
  8.86
  8.47
  8.13
  7.81
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.79
  5.72
  5.64
  5.58
Revenue, $m
  799
  937
  1,088
  1,251
  1,425
  1,612
  1,809
  2,018
  2,238
  2,468
  2,709
  2,960
  3,223
  3,496
  3,780
  4,075
  4,382
  4,701
  5,033
  5,377
  5,736
  6,108
  6,496
  6,899
  7,319
  7,757
  8,214
  8,689
  9,186
  9,705
  10,246
Variable operating expenses, $m
 
  701
  804
  916
  1,037
  1,165
  1,301
  1,445
  1,596
  1,754
  1,920
  2,038
  2,218
  2,406
  2,602
  2,805
  3,016
  3,236
  3,464
  3,701
  3,948
  4,204
  4,471
  4,749
  5,038
  5,339
  5,653
  5,981
  6,323
  6,680
  7,052
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
  701
  804
  916
  1,037
  1,165
  1,301
  1,445
  1,596
  1,754
  1,920
  2,038
  2,218
  2,406
  2,602
  2,805
  3,016
  3,236
  3,464
  3,701
  3,948
  4,204
  4,471
  4,749
  5,038
  5,339
  5,653
  5,981
  6,323
  6,680
  7,052
Operating income, $m
  181
  236
  283
  334
  389
  447
  508
  573
  642
  714
  789
  923
  1,005
  1,090
  1,178
  1,270
  1,366
  1,465
  1,569
  1,676
  1,788
  1,904
  2,025
  2,151
  2,282
  2,418
  2,560
  2,709
  2,863
  3,025
  3,194
EBITDA, $m
  252
  321
  372
  428
  488
  551
  619
  690
  765
  844
  927
  1,013
  1,103
  1,196
  1,293
  1,394
  1,499
  1,608
  1,722
  1,840
  1,962
  2,090
  2,222
  2,360
  2,504
  2,654
  2,810
  2,973
  3,143
  3,320
  3,505
Interest expense (income), $m
  1
  9
  13
  17
  22
  27
  32
  38
  44
  50
  57
  64
  71
  78
  86
  94
  103
  111
  121
  130
  140
  150
  161
  172
  184
  196
  208
  221
  235
  249
  264
Earnings before tax, $m
  225
  228
  271
  317
  367
  420
  476
  536
  598
  664
  732
  859
  934
  1,011
  1,092
  1,176
  1,263
  1,354
  1,448
  1,546
  1,648
  1,754
  1,864
  1,978
  2,098
  2,222
  2,352
  2,487
  2,628
  2,776
  2,930
Tax expense, $m
  64
  61
  73
  86
  99
  113
  129
  145
  161
  179
  198
  232
  252
  273
  295
  318
  341
  366
  391
  417
  445
  473
  503
  534
  566
  600
  635
  672
  710
  749
  791
Net income, $m
  161
  166
  198
  231
  268
  307
  348
  391
  437
  484
  534
  627
  682
  738
  797
  859
  922
  988
  1,057
  1,129
  1,203
  1,280
  1,361
  1,444
  1,531
  1,622
  1,717
  1,816
  1,919
  2,026
  2,139

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
  1,228
  1,426
  1,639
  1,868
  2,112
  2,371
  2,645
  2,933
  3,234
  3,550
  3,880
  4,224
  4,582
  4,954
  5,341
  5,744
  6,162
  6,596
  7,048
  7,517
  8,005
  8,513
  9,042
  9,593
  10,167
  10,765
  11,389
  12,039
  12,719
  13,429
Adjusted assets (=assets-cash), $m
  1,047
  1,228
  1,426
  1,639
  1,868
  2,112
  2,371
  2,645
  2,933
  3,234
  3,550
  3,880
  4,224
  4,582
  4,954
  5,341
  5,744
  6,162
  6,596
  7,048
  7,517
  8,005
  8,513
  9,042
  9,593
  10,167
  10,765
  11,389
  12,039
  12,719
  13,429
Revenue / Adjusted assets
  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
  0.763
  0.763
Average production assets, $m
  241
  282
  327
  376
  429
  485
  545
  607
  673
  743
  815
  891
  970
  1,052
  1,138
  1,227
  1,319
  1,415
  1,515
  1,619
  1,726
  1,839
  1,955
  2,077
  2,203
  2,335
  2,472
  2,616
  2,765
  2,921
  3,084
Working capital, $m
  177
  -149
  -173
  -199
  -227
  -256
  -288
  -321
  -356
  -392
  -431
  -471
  -512
  -556
  -601
  -648
  -697
  -748
  -800
  -855
  -912
  -971
  -1,033
  -1,097
  -1,164
  -1,233
  -1,306
  -1,382
  -1,461
  -1,543
  -1,629
Total debt, $m
  250
  364
  487
  620
  763
  916
  1,078
  1,249
  1,429
  1,618
  1,815
  2,021
  2,236
  2,460
  2,692
  2,934
  3,186
  3,447
  3,719
  4,001
  4,294
  4,599
  4,917
  5,247
  5,592
  5,950
  6,324
  6,714
  7,121
  7,545
  7,989
Total liabilities, $m
  654
  768
  891
  1,024
  1,167
  1,320
  1,482
  1,653
  1,833
  2,022
  2,219
  2,425
  2,640
  2,864
  3,096
  3,338
  3,590
  3,851
  4,123
  4,405
  4,698
  5,003
  5,321
  5,651
  5,996
  6,354
  6,728
  7,118
  7,525
  7,949
  8,393
Total equity, $m
  697
  461
  535
  615
  700
  792
  889
  992
  1,100
  1,213
  1,331
  1,455
  1,584
  1,718
  1,858
  2,003
  2,154
  2,311
  2,474
  2,643
  2,819
  3,002
  3,193
  3,391
  3,597
  3,812
  4,037
  4,271
  4,515
  4,770
  5,036
Total liabilities and equity, $m
  1,351
  1,229
  1,426
  1,639
  1,867
  2,112
  2,371
  2,645
  2,933
  3,235
  3,550
  3,880
  4,224
  4,582
  4,954
  5,341
  5,744
  6,162
  6,597
  7,048
  7,517
  8,005
  8,514
  9,042
  9,593
  10,166
  10,765
  11,389
  12,040
  12,719
  13,429
Debt-to-equity ratio
  0.359
  0.790
  0.910
  1.010
  1.090
  1.160
  1.210
  1.260
  1.300
  1.330
  1.360
  1.390
  1.410
  1.430
  1.450
  1.460
  1.480
  1.490
  1.500
  1.510
  1.520
  1.530
  1.540
  1.550
  1.550
  1.560
  1.570
  1.570
  1.580
  1.580
  1.590
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
  166
  198
  231
  268
  307
  348
  391
  437
  484
  534
  627
  682
  738
  797
  859
  922
  988
  1,057
  1,129
  1,203
  1,280
  1,361
  1,444
  1,531
  1,622
  1,717
  1,816
  1,919
  2,026
  2,139
Depreciation, amort., depletion, $m
  71
  84
  89
  94
  99
  105
  111
  117
  124
  131
  138
  90
  98
  106
  115
  124
  133
  143
  153
  163
  174
  186
  197
  210
  223
  236
  250
  264
  279
  295
  312
Funds from operations, $m
  219
  250
  286
  325
  367
  411
  458
  508
  560
  615
  672
  717
  780
  845
  912
  982
  1,055
  1,131
  1,210
  1,292
  1,377
  1,466
  1,558
  1,654
  1,754
  1,858
  1,967
  2,080
  2,198
  2,321
  2,450
Change in working capital, $m
  5
  -22
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -86
Cash from operations, $m
  214
  272
  310
  351
  395
  441
  490
  541
  595
  652
  711
  757
  821
  888
  957
  1,029
  1,104
  1,182
  1,263
  1,347
  1,434
  1,525
  1,620
  1,718
  1,821
  1,928
  2,039
  2,156
  2,277
  2,404
  2,536
Maintenance CAPEX, $m
  0
  -24
  -28
  -33
  -38
  -43
  -49
  -55
  -61
  -68
  -75
  -82
  -90
  -98
  -106
  -115
  -124
  -133
  -143
  -153
  -163
  -174
  -186
  -197
  -210
  -223
  -236
  -250
  -264
  -279
  -295
New CAPEX, $m
  -63
  -42
  -45
  -49
  -53
  -56
  -59
  -63
  -66
  -69
  -73
  -76
  -79
  -82
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -121
  -126
  -132
  -137
  -143
  -149
  -156
  -163
Cash from investing activities, $m
  -274
  -66
  -73
  -82
  -91
  -99
  -108
  -118
  -127
  -137
  -148
  -158
  -169
  -180
  -192
  -204
  -216
  -229
  -243
  -257
  -271
  -286
  -303
  -318
  -336
  -355
  -373
  -393
  -413
  -435
  -458
Free cash flow, $m
  -60
  206
  236
  269
  304
  341
  381
  423
  468
  514
  563
  599
  652
  708
  766
  826
  888
  953
  1,020
  1,090
  1,163
  1,239
  1,317
  1,399
  1,485
  1,573
  1,666
  1,763
  1,863
  1,968
  2,078
Issuance/(repayment) of debt, $m
  215
  114
  123
  133
  143
  153
  162
  171
  180
  189
  197
  206
  215
  224
  233
  242
  251
  261
  272
  282
  293
  305
  318
  330
  344
  359
  374
  390
  407
  425
  444
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
  114
  123
  133
  143
  153
  162
  171
  180
  189
  197
  206
  215
  224
  233
  242
  251
  261
  272
  282
  293
  305
  318
  330
  344
  359
  374
  390
  407
  425
  444
Total cash flow (excl. dividends), $m
  90
  320
  360
  402
  447
  494
  543
  594
  648
  703
  761
  805
  867
  932
  998
  1,068
  1,139
  1,214
  1,292
  1,372
  1,456
  1,544
  1,635
  1,730
  1,829
  1,932
  2,040
  2,152
  2,270
  2,393
  2,522
Retained Cash Flow (-), $m
  -57
  -68
  -74
  -80
  -86
  -92
  -97
  -103
  -108
  -113
  -118
  -124
  -129
  -134
  -140
  -145
  -151
  -157
  -163
  -169
  -176
  -183
  -191
  -198
  -207
  -215
  -224
  -234
  -244
  -255
  -266
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
 
  557
  286
  322
  361
  402
  446
  492
  540
  590
  642
  682
  738
  797
  859
  922
  989
  1,057
  1,129
  1,203
  1,280
  1,361
  1,444
  1,531
  1,622
  1,717
  1,816
  1,919
  2,026
  2,138
  2,256
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
 
  534
  262
  281
  297
  312
  324
  332
  337
  339
  337
  324
  315
  303
  288
  271
  251
  230
  208
  185
  163
  141
  120
  100
  83
  67
  53
  41
  31
  23
  17
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 25.7
Price to Sales 5.2
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow 19.4
Price to Free Cash Flow 27.4
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 17.3% 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 42.59 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 $4.1 billion.

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COMPANY NEWS

▶ Volatility-Induced Turbulence Subsides   [Feb-20-18 12:45PM  Morningstar]
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▶ 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]
▶ McDonald's Should Carry Momentum Into 2018   [Jan-30-18 04:32PM  Morningstar]
▶ The Allocation Fund Investors Wish They Owned   [Jan-27-18 11:03PM  Morningstar]
▶ An Aggressive Retirement Saver Portfolio   [Jan-26-18 06:00AM  Morningstar]
▶ Fourth-Quarter and 2017 Fixed-Income Performance Review   [Jan-08-18 12:43PM  Morningstar]
▶ PotashCorp-Agrium Merger a Go   [Dec-27-17 02:00PM  Morningstar]
▶ Lawsuit Resolution Good News for Mobile TeleSystems   [Dec-26-17 12:00PM  Morningstar]
▶ Investment Implications of the Tax Bill   [Dec-22-17 07:00AM  Morningstar]
▶ Inside Morningstar's 401(k)   [Dec-21-17 07:00AM  Morningstar]
▶ Plenty to Like in Red Hat's Results   [Dec-19-17 11:10PM  Morningstar]
▶ Activity in Corporate Bond Market Winding Down   [Dec-18-17 01:00PM  Morningstar]
▶ Low Inflation Readings Won't Knock Fed Off Course   [Dec-14-17 12:49PM  Morningstar]
▶ 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]
Financial statements of MORN
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