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

Event-Driven

We see the digitisation of information as a major long-term headwind for Recall.Given that Recall operates in 20 currencies, all of which depreciated against the USD, it is not surprising that the result was negatively affected by foreign exchange.Our discounted cash flow-based fair value estimate of AUD 5.50 per share remains unchanged.Analyst: Gareth James

We see the digitisation of information as a major long-term headwind for Recall.Given that Recall operates in 20 currencies, all of which depreciated against the USD, it is not surprising that the result was negatively affected by foreign exchange.Our discounted cash flow-based fair value estimate of AUD 5.50 per share remains unchanged.Analyst: Gareth James

Recall Reports Solid First Half, but Foreign Exchange Weighs; Fair Value Estimate Unchanged

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<h2>Latest Statement from the UK Competition and Markets Authority (CMA)</h2>The <a href="https://assets.digital.cabinet-office.gov.uk/media/56b1d43f40f0b613d100000a/Issues_statement.pdf" target="_blank">issues statement</a> (linked to official document) has been released by the UK Competition and Markets Authority, with closing date for submissions 17th February.<div class="content-highlight">In this insight, we list out the key concerns raised by the CMA and examine the seriousness of the concerns. Without further ado... </div><h2>Definitions</h2>The Records and Information Management Services (RIMS) which the Parties supply comprise:(a) Records management services (RMS)…

Latest Statement from the UK Competition and Markets Authority (CMA)The issues statement (linked to official document) has been released by the UK Competition and Markets Authority, with closing date for submissions 17th February.In this insight, we list out the key concerns raised by the CMA and examine the seriousness of the concerns. Without further ado... DefinitionsThe Records and Information Management Services (RIMS) which the Parties supply comprise:(a) Records management services (RMS)…

Recall / Iron Mountain - It Is Starting to Hurt

<h2>Latest Events</h2>UK's Competition and Markets Authority (the “CMA”) had recently <a href="http://www.asx.com.au/asxpdf/20151231/pdf/4344pvd73dfd1q.pdf" target="_blank">announced</a> its decision to refer Iron Mountain’s proposed acquisition of Recall Holdings Limited for an in-depth (“Phase 2”) investigation, unless Iron Mountain offers acceptable undertakings to address competition concerns preliminarily identified by the CMA.Iron Mountain has until January 7, 2016 to submit its proposed undertakings and the CMA will then have until January 14, 2016 to consider whether there are…

Latest EventsUK's Competition and Markets Authority (the “CMA”) had recently announced its decision to refer Iron Mountain’s proposed acquisition of Recall Holdings Limited for an in-depth (“Phase 2”) investigation, unless Iron Mountain offers acceptable undertakings to address competition concerns preliminarily identified by the CMA.Iron Mountain has until January 7, 2016 to submit its proposed undertakings and the CMA will then have until January 14, 2016 to consider whether there are…

Recall / Iron Mountain - More Antitrusts Pains

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.

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average just two years ago, according to DAMITT, the Dechert Antitrust Merger Investigation Timing Tracker.Federal enforcement activity resulted in 37 significant merger investigations, seven of which generated complaints seeking to block proposed deals and 24 of which were resolved by consent orders. Each of these figures was a record for the five years during which DAMITT has been tracking antitrust merger investigations.Antitrust merger investigation activity is up, and investigations are taking longer than ever to complete.

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average just two years ago, according to DAMITT, the Dechert Antitrust Merger Investigation Timing Tracker.Federal enforcement activity resulted in 37 significant merger investigations, seven of which generated complaints seeking to block proposed deals and 24 of which were resolved by consent orders. Each of these figures was a record for the five years during which DAMITT has been tracking antitrust merger investigations.Antitrust merger investigation activity is up, and investigations are taking longer than ever to complete. 

Dechert Antitrust Merger Investigation Reports Record Duration of U.S. Merger Investigations in 2015

Founder Evidente. Top rated quantitative analyst, Evidente

Sam Ferraro

Founder Evidente. Top rated quantitative analyst

Evidente

Evidente is an independent financial education firm that delivers innovative financial advice to wholesale investors, including active long only funds, hedge funds, pension funds, and sovereign wealth funds, in Australia and globally.  Drawing on academic research in asset pricing, behavioural finance and portfolio construction, Evidente provides wholesale investors with commercial solutions to stock selection and asset allocation decisions across equities and other asset classes.

Thematic (Sector/Industry)

<ul><li>A recent speech from Vice Chairman Stanley Fischer suggests that the secular decline in the neutral rate of interest is guiding the Fed’s view and internal debate around policy normalization.  Fischer cites a number of developments that have contributed to lower real interest rates, including the low capital intensity of the IT sector, the demographics of ageing and high savings rates in EM.</li><li>To the extent that these structural shifts are long lasting, Fischer suggests this supports the case for the neutral rate remaining low for the policy relevant future.   This represents a hint that growth in the US economy might remain tepid for some time and that inflation will remain low thanks to the long lasting powerful impact of excess desired saving over investment intentions.</li><li>If Fischer is right that the saving-investment imbalance is expected to persist and hold down the neutral rate of interest for the foreseeable future, then the new policy normal of low and slow should provide an environment conducive to continued strong returns from listed Australian infrastructure stocks - notably SYD, TCL and APA - despite the fact their valuations remain stretched.  Investors should treat any pull-backs in these stocks as a buying opportunities</li></ul>

A recent speech from Vice Chairman Stanley Fischer suggests that the secular decline in the neutral rate of interest is guiding the Fed’s view and internal debate around policy normalization.  Fischer cites a number of developments that have contributed to lower real interest rates, including the low capital intensity of the IT sector, the demographics of ageing and high savings rates in EM.To the extent that these structural shifts are long lasting, Fischer suggests this supports the case for the neutral rate remaining low for the policy relevant future.   This represents a hint that growth in the US economy might remain tepid for some time and that inflation will remain low thanks to the long lasting powerful impact of excess desired saving over investment intentions.If Fischer is right that the saving-investment imbalance is expected to persist and hold down the neutral rate of interest for the foreseeable future, then the new policy normal of low and slow should provide an environment conducive to continued strong returns from listed Australian infrastructure stocks - notably SYD, TCL and APA - despite the fact their valuations remain stretched.  Investors should treat any pull-backs in these stocks as a buying opportunities 

Infrastructure Assets to Benefit from the New Normal of Low and Slow

Australia

Recall Holdings Limited is an Australia-based provider of digital and physical information management services. The Company's data protection services (DPS) include offsite and cloud-based storage, rotation, protection, and the recovery of back-up data.

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Recall Holdings (1913057D AU)

Recall Reports Solid First Half, but Foreign Exchange Weighs; Fair Value Estimate Unchanged

We see the digitisation of information as a major long-term headwind for Recall.Given that Recall operates in 20 currencies, all of...

Morningstar, Inc.

Recall / Iron Mountain - It Is Starting to Hurt

Latest Statement from the UK Competition and Markets Authority (CMA)The issues statement (linked to official document) has been released by the UK...

Crispin Francis

Recall / Iron Mountain - More Antitrusts Pains

Latest EventsUK's Competition and Markets Authority (the “CMA”) had recently announced its decision to refer Iron Mountain’s proposed acquisition...

Crispin Francis

Dechert Antitrust Merger Investigation Reports Record Duration of U.S. Merger Investigations in 2015

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average...

Dechert LLP

Infrastructure Assets to Benefit from the New Normal of Low and Slow

A recent speech from Vice Chairman Stanley Fischer suggests that the secular decline in the neutral rate of interest is guiding the Fed’s view and...

Sam Ferraro

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