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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Event-Driven

<ul><li>SABMiller and Anheuser-Busch today revealed that A-B InBev has approached SABMiller's board of directors regarding a proposed bid. SAB's London-traded stock surged 20% immediately following the news, while A-B InBev rallied 7%.</li><li>We think the combination of ABI and SAB would create a very powerful business that, based on cost advantage, would possess one of the widest moats in the consumer staples space.</li><li>We are reiterating our GBX 3,600 and $55 fair value estimates for SAB's ordinary shares and ADRs respectively, as well as our EUR 112 and $126 valuation of A-B InBev's local shares and ADRs, until more is known about the likelihood and terms of a deal.</li></ul><p>Analyst: Philip Gorman, CFA. FRM</p><p>Full report below the fold...</p>

SABMiller and Anheuser-Busch today revealed that A-B InBev has approached SABMiller's board of directors regarding a proposed bid. SAB's London-traded stock surged 20% immediately following the news, while A-B InBev rallied 7%.We think the combination of ABI and SAB would create a very powerful business that, based on cost advantage, would possess one of the widest moats in the consumer staples space.We are reiterating our GBX 3,600 and $55 fair value estimates for SAB's ordinary shares and ADRs respectively, as well as our EUR 112 and $126 valuation of A-B InBev's local shares and ADRs, until more is known about the likelihood and terms of a deal.Analyst: Philip Gorman, CFA. FRMFull report below the fold...

A-B InBev Makes Its Move; We Expect SAB to Be Valued at GBX 4,000 in Deal to Create Brewing Giant

Sabmiller Plc

A-B InBev Makes Its Move; We Expect SAB to Be Valued at GBX 4,000 in Deal to Create Brewing Giant