Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Thematic (Sector/Industry)

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional clients an opportunity to engage with the management of 49 public companies we think have structural competitive advantages, or economic moats, as well as two private companies worth watching. This report distills the highlights from company presentations. A roster of all companies that participated in the conference, including those that held one-on-one meetings with investors, can be found on Page 2 of the attached document.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/069/790/original/img%201.JPG?1542165661" class="editor-image img-responsive" data-smartkarma-image-id="69790"></figure>

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional clients an opportunity to engage with the management of 49 public companies we think have structural competitive advantages, or economic moats, as well as two private companies worth watching. This report distills the highlights from company presentations. A roster of all companies that participated in the conference, including those that held one-on-one meetings with investors, can be found on Page 2 of the attached document.

Morningstar Management Behind the Moat 2018: Conference Highlights

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

After slipping 5-6% in the two previous quarters, <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti's (BHARTI IN)</a> core Indian mobile service revenues recovered slightly in 1Q18, rising 0.8% sequentially. As in 4Q17, volume growth was very strong on the move to unlimited packages. We doubt the smaller players (up to and including <a href="https://www.smartkarma.com/entities/15678" target="_blank" data-smartkarma-citation="entities:15678:1">IDEA (IDEA IN)</a>) can compete in the medium term given Bharti's capacity advantage, and the leverage issues with the smaller players. With these dynamics, Bharti is poised to gain material market share putting the company in a strong position as pricing stabilizes.In addition, restructuring and cost cutting in Africa as well as underlying competitive improvements mean that Africa is increasingly delivering positive surprises. Bharti is now involved in restructuring and/or merger talks across almost all businesses: Indian mobile, DTH and Enterprise (with Tata, although there are rumors that these talks have halted), Ghana (with <a href="https://www.smartkarma.com/entities/24418" target="_blank" data-smartkarma-citation="entities:24418:1">Millicom (MIC SS)</a>), Nigeria (with Etisalat), Indian Towers (with Vodafone/IDEA). In most of these negotiations we believe Bharti has negotiating leverage and should be able to strike good deals, buying assets cheaply and capturing value. If all these negotiations proceed, our sum of the parts could rise to INR695. Bharti is one of New Street Research's key BUY ideas and giving a 50% probability of deal flow, we lift our price target to INR635.

After slipping 5-6% in the two previous quarters, Bharti's (BHARTI IN) core Indian mobile service revenues recovered slightly in 1Q18, rising 0.8% sequentially. As in 4Q17, volume growth was very strong on the move to unlimited packages. We doubt the smaller players (up to and including IDEA (IDEA IN)) can compete in the medium term given Bharti's capacity advantage, and the leverage issues with the smaller players. With these dynamics, Bharti is poised to gain material market share putting the company in a strong position as pricing stabilizes.In addition, restructuring and cost cutting in Africa as well as underlying competitive improvements mean that Africa is increasingly delivering positive surprises. Bharti is now involved in restructuring and/or merger talks across almost all businesses: Indian mobile, DTH and Enterprise (with Tata, although there are rumors that these talks have halted), Ghana (with Millicom (MIC SS)), Nigeria (with Etisalat), Indian Towers (with Vodafone/IDEA). In most of these negotiations we believe Bharti has negotiating leverage and should be able to strike good deals, buying assets cheaply and capturing value. If all these negotiations proceed, our sum of the parts could rise to INR695. Bharti is one of New Street Research's key BUY ideas and giving a 50% probability of deal flow, we lift our price target to INR635.

Bharti Airtel Poised to Gain Market Share, While M&A/Restructuring Will Drive Positive Surprises.

Luxembourg

Millicom International Cellular S.A. is a dedicated emerging markets telecom provider with mobile operations in numerous countries in Central America, South America and Africa.  The Company also offers various combinations of fixed broadband and cable TV services in multiple countries in Central America.

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Millicom Intl Cellular-Sdr (TIGO SS)

Morningstar Management Behind the Moat 2018: Conference Highlights

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional...

Morningstar, Inc.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Morningstar Management Behind the Moat 2018: Conference Highlights

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional...

Morningstar, Inc.

Bharti Airtel Poised to Gain Market Share, While M&A/Restructuring Will Drive Positive Surprises.

After slipping 5-6% in the two previous quarters, Bharti's (BHARTI IN) core Indian mobile service revenues recovered slightly in 1Q18, rising 0.8%...

New Street Research