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)

<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

Democratic presidential candidates' potential drug policy reforms have pressured drug stocks, and ongoing political campaigns are likely to continue to create volatility despite the Republican-majority Congress and low probability of reforms passing into law.Among all the reforms, dual-eligible legislation—offering mandatory Medicaid-level drug rebates to some Medicare Part D beneficiaries— looks the most likely, and most impactful (5% earnings cut on average).Analysts: Karen Andersen, Damien Conover &amp; Kelsey Tsai

Democratic presidential candidates' potential drug policy reforms have pressured drug stocks, and ongoing political campaigns are likely to continue to create volatility despite the Republican-majority Congress and low probability of reforms passing into law.Among all the reforms, dual-eligible legislation—offering mandatory Medicaid-level drug rebates to some Medicare Part D beneficiaries— looks the most likely, and most impactful (5% earnings cut on average).Analysts: Karen Andersen, Damien Conover &amp; Kelsey Tsai

Low Odds of U.S. Drug Pricing Reforms Create Favorable Valuations

<ul><li class="p1">The median price/fair value in our biotech universe is 0.87, and in late September valuations fell to their cheapest levels since 2011.</li><li class="p1">While this is a far cry from the ratio of 0.73 we saw in August 2011 as the market rally was just beginning, we still think it offers a strong opportunity for investment in some of our favourite wide-moat names.</li><li class="p1">While barriers to entry appear to be relatively flat among our covered biotechs, as new products counter patent expirations and biosimilar entry, scores on other measures are increasing, as portfolios expand, productivity improves, and management focuses on therapeutic areas with better pricing power and more room for differentiation, like cancer and rare diseases.</li></ul>Analyst Team: Karen Andersen, CFA; Damien Conover, CFA; Alex Morozov, CFAFull report below the fold..

The median price/fair value in our biotech universe is 0.87, and in late September valuations fell to their cheapest levels since 2011.While this is a far cry from the ratio of 0.73 we saw in August 2011 as the market rally was just beginning, we still think it offers a strong opportunity for investment in some of our favourite wide-moat names.While barriers to entry appear to be relatively flat among our covered biotechs, as new products counter patent expirations and biosimilar entry, scores on other measures are increasing, as portfolios expand, productivity improves, and management focuses on therapeutic areas with better pricing power and more room for differentiation, like cancer and rare diseases.Analyst Team: Karen Andersen, CFA; Damien Conover, CFA; Alex Morozov, CFAFull report below the fold..

Morningstar Healthcare Observer: Biotech Industry Undervalued

Information Technology Consultant

Ishita Jain

"Dance party on a bike" - that's how the founders of SoulCycle like to describe their business. SoulCycle is a lifestyle and fitness brand that focuses on making the mundane chore of keeping fit into a&nbsp;joyful and inspiring activity. With 45&nbsp;studios and 300,000 unique riders across the US, the company has grown from strength to strength and is seen as a 'movement' rather than an emerging brand. It runs cycle studios,&nbsp;set in a dark, candlelit room to high-energy music, where&nbsp;riders move in unison and follow the cues and choreography of the instructor.Now,&nbsp;SoulCycle is going&nbsp;public and hoping to raise up to $100 million via an IPO. While the prospectus is littered with super-charged words describing a&nbsp;revolutionary fitness&nbsp;ecosystem, does it have enough substance to hook investors much like its elitist&nbsp;clientele?&nbsp;

"Dance party on a bike" - that's how the founders of SoulCycle like to describe their business. SoulCycle is a lifestyle and fitness brand that focuses on making the mundane chore of keeping fit into a&nbsp;joyful and inspiring activity. With 45&nbsp;studios and 300,000 unique riders across the US, the company has grown from strength to strength and is seen as a 'movement' rather than an emerging brand. It runs cycle studios,&nbsp;set in a dark, candlelit room to high-energy music, where&nbsp;riders move in unison and follow the cues and choreography of the instructor.Now,&nbsp;SoulCycle is going&nbsp;public and hoping to raise up to $100 million via an IPO. While the prospectus is littered with super-charged words describing a&nbsp;revolutionary fitness&nbsp;ecosystem, does it have enough substance to hook investors much like its elitist&nbsp;clientele?&nbsp;

SoulCycle IPO - Good for your portfolio and your soul?

Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

<ul><li>Another blow-up non-farm number coming up? Run US macro bears, run! &nbsp;</li><li>European equities will end up 30% to 60% for the year. Play through peripherals&nbsp;</li><li>Massive shift down in volatility; picking up options is cheaper than last week</li></ul>

Another blow-up non-farm number coming up? Run US macro bears, run! &nbsp;European equities will end up 30% to 60% for the year. Play through peripherals&nbsp;Massive shift down in volatility; picking up options is cheaper than last week

End-2015 should see Euro-zone EQ up +40-60%, Nikkei over 22K, USDCHF over 1.02, USDJPY over 125

United States

Revvity, Inc. provides health science solutions, technologies, expertise, and services. The Company focuses on translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, informatics, and other areas. Revvity serves pharmaceutical and biotech, clinical labs, academia, and governments worldwide.

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Revvity (RVTY US)

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.

Low Odds of U.S. Drug Pricing Reforms Create Favorable Valuations

Democratic presidential candidates' potential drug policy reforms have pressured drug stocks, and ongoing political campaigns are likely to...

Morningstar, Inc.

Morningstar Healthcare Observer: Biotech Industry Undervalued

The median price/fair value in our biotech universe is 0.87, and in late September valuations fell to their cheapest levels since 2011. While this...

Morningstar, Inc.

SoulCycle IPO - Good for your portfolio and your soul?

"Dance party on a bike" - that's how the founders of SoulCycle like to describe their business. SoulCycle is a lifestyle and fitness brand that...

Ishita Jain

End-2015 should see Euro-zone EQ up +40-60%, Nikkei over 22K, USDCHF over 1.02, USDJPY over 125

Another blow-up non-farm number coming up? Run US macro bears, run! European equities will end up 30% to 60% for the year. Play through...

Kay Van-Petersen

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