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.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

<ul><li class="p1">All fixed-income indexes posted especially strong returns considering the current low-yield environment, because of falling interest rates and narrowing credit spreads</li><li class="p1">After many years of underperformance, value stocks reasserted themselves in the first quarter, outperforming growth</li><li class="p1">A year ago, small stocks looked overvalued, but after a 9.8% drop (versus a 1.8% gain for large stocks), they are now closer to fairly valued territory</li></ul>Analysts: Bob Johnson, Timothy Strauts, Alina Lamy

All fixed-income indexes posted especially strong returns considering the current low-yield environment, because of falling interest rates and narrowing credit spreadsAfter many years of underperformance, value stocks reasserted themselves in the first quarter, outperforming growthA year ago, small stocks looked overvalued, but after a 9.8% drop (versus a 1.8% gain for large stocks), they are now closer to fairly valued territoryAnalysts: Bob Johnson, Timothy Strauts, Alina Lamy

<ul><li class="p1">Over the next decade, we expect orthopedic innovation in extremities, robotics, and 3-D printing to be key drivers of growth as fee-for-value reimbursement and slowing advancements weigh on the traditional large joint replacement market.</li><li class="p1">In particular, we think the extremities market— representing 50% of projected incremental orthopedic sales from 2015–2020—is an important growth avenue that has not been carefully examined by the investment community.</li></ul>Analyst: Debbie Wang

Over the next decade, we expect orthopedic innovation in extremities, robotics, and 3-D printing to be key drivers of growth as fee-for-value reimbursement and slowing advancements weigh on the traditional large joint replacement market.In particular, we think the extremities market— representing 50% of projected incremental orthopedic sales from 2015–2020—is an important growth avenue that has not been carefully examined by the investment community.Analyst: Debbie Wang

Healthcare Observer: Orthopedic Innovation Beyond Large Joint Market Fuels Long-Term Growth

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

USFDA approved Celltrion’s Remsima, a biosimilar for JNJ’s Remicade, for use in treating rheumatoid arthritis, ulcerative colitis, Crohn’s, and other autoimmune diseases.  Celltrion’s management has set very high expectations for the product: sale of US$1.7 billion in 2017 in the U.S. The stocks of Celltrion Inc. (068270:KS)  and Celltrion Pharma (068760:KS) are up 3% and 30%, respectively,  on the news. We would avoid both names because we think this estimate is unrealistic. At the same time, we think it is too early in the game to take short positions.

USFDA approved Celltrion’s Remsima, a biosimilar for JNJ’s Remicade, for use in treating rheumatoid arthritis, ulcerative colitis, Crohn’s, and other autoimmune diseases.  Celltrion’s management has set very high expectations for the product: sale of US$1.7 billion in 2017 in the U.S. The stocks of Celltrion Inc. (068270:KS)  and Celltrion Pharma (068760:KS) are up 3% and 30%, respectively,  on the news. We would avoid both names because we think this estimate is unrealistic. At the same time, we think it is too early in the game to take short positions.

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Event-Driven

Fast Facts<ul><li>Significant merger investigations lasted 9.5 months on average over the 12 months ending Q1 2016, about 20% longer than observed over the prior 12 months.</li><li>There were 33 significant merger investigations during the 12-month period ending Q1 2016, compared to 32 during the prior 12-month period.</li><li>Increased use of upfront buyers may be partially responsible for the increase in duration. In 2015, consents requiring upfront buyers took 2.1 months longer than consents requiring post-order buyers.</li></ul>

Fast FactsSignificant merger investigations lasted 9.5 months on average over the 12 months ending Q1 2016, about 20% longer than observed over the prior 12 months.There were 33 significant merger investigations during the 12-month period ending Q1 2016, compared to 32 during the prior 12-month period.Increased use of upfront buyers may be partially responsible for the increase in duration. In 2015, consents requiring upfront buyers took 2.1 months longer than consents requiring post-order buyers.

Is Use of Upfront Buyers Causing Longer Merger Investigations? Q1 2016 Update Confirms 2015 Trends

<ul><li class="p1">We view the overall market as slightly undervalued, based on our fair value estimates for approximately 1,500 global companies.</li><li class="p1">The financial services, consumer cyclical, and healthcare sectors are the most undervalued, while the basic materials sector is our only overvalued sector.</li><li class="p1">Oil price concerns are hurting the financial services sector, while divergent paths for China’s future fixed asset investment growth and consumption inform our thinking in the basic materials and consumer cyclical sectors.</li></ul>Analyst: Elizabeth Collins

We view the overall market as slightly undervalued, based on our fair value estimates for approximately 1,500 global companies.The financial services, consumer cyclical, and healthcare sectors are the most undervalued, while the basic materials sector is our only overvalued sector.Oil price concerns are hurting the financial services sector, while divergent paths for China’s future fixed asset investment growth and consumption inform our thinking in the basic materials and consumer cyclical sectors.Analyst: Elizabeth Collins

Stock Market Outlook: Stocks Start to Look More Attractive

United States

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals.  The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

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Pfizer Inc (PFE US)

Morningstar Markets Observer: Q2 2016

All fixed-income indexes posted especially strong returns considering the current low-yield environment, because of falling interest rates and...

Morningstar, Inc.

Healthcare Observer: Orthopedic Innovation Beyond Large Joint Market Fuels Long-Term Growth

Over the next decade, we expect orthopedic innovation in extremities, robotics, and 3-D printing to be key drivers of growth as fee-for-value...

Morningstar, Inc.

U.S. Remsima Expectations Too Optimistic

USFDA approved Celltrion’s Remsima, a biosimilar for JNJ’s Remicade, for use in treating rheumatoid arthritis, ulcerative colitis, Crohn’s, and...

Kemp Dolliver, CFA

Is Use of Upfront Buyers Causing Longer Merger Investigations? Q1 2016 Update Confirms 2015 Trends

Fast Facts Significant merger investigations lasted 9.5 months on average over the 12 months ending Q1 2016, about 20% longer than observed over...

Dechert LLP

Stock Market Outlook: Stocks Start to Look More Attractive

We view the overall market as slightly undervalued, based on our fair value estimates for approximately 1,500 global companies. The financial...

Morningstar, Inc.

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