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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Equity Bottom-Up

RBS is turning the corner, and those buying shares now may see significant upside.Royal Bank of Scotland has been undervalued by investors because of the depth and complexity of its problems, but we think it will be increasingly in a position to demonstrate its underlying strength.We take a deep dive into the three areas that we think investors should be paying attention to: <ol><li>RBS' legal liabilities, which we think will be large but manageable;</li><li>The attractive profitability of RBS' retail business, which has been obscured by large nonoperating costs;</li><li>The excess capital that RBS' transformation is likely to generate by 2018, which we estimate at GBP 20 billion, enough to repurchase three fourths of the government&rsquo;s 72% stake at current prices.</li></ol>Analyst: Erin Davis

RBS is turning the corner, and those buying shares now may see significant upside.Royal Bank of Scotland has been undervalued by investors because of the depth and complexity of its problems, but we think it will be increasingly in a position to demonstrate its underlying strength.We take a deep dive into the three areas that we think investors should be paying attention to: RBS' legal liabilities, which we think will be large but manageable;The attractive profitability of RBS' retail business, which has been obscured by large nonoperating costs;The excess capital that RBS' transformation is likely to generate by 2018, which we estimate at GBP 20 billion, enough to repurchase three fourths of the government&rsquo;s 72% stake at current prices.Analyst: Erin Davis

NatWest Group

A Diamond in the Rough