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. 

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Equity Bottom-Up

Infosys’ third-quarter results were largely in line with expectations after taking into account the firm’s contract ramp-down with Royal Bank of Scotland and typical seasonality associated with the end of the calendar year. Given the nine-month performance, the company tightened its constant currency revenue growth guidance to 8.4%-8.8% from 8.0%-9.0%.With the new U.S. administration coming in shortly, Infosys provided less color than <a href="https://www.smartkarma.com/entities/18708" target="_blank" data-smartkarma-citation="entities:18708:1">Tata Consultancy Svcs Ltd (TCS IN)</a> on its stance on visa reform, saying that it was difficult to assess the impact of such possible developments. Still, Infosys did say it had accelerated local hiring over the past couple of years and would most likely look to continue this strategy while supplementing this hiring with more software-like delivery, which we think makes sense. With our outlook unchanged, we reiterate our INR 1,177 ($17.70) fair value estimate and narrow economic moat rating. The firm is trading at a moderate discount to our fair value estimate, and we would recommend it to investors seeking exposure to a growth-oriented Indian IT services vendor.Analyst: Andrew Lange

Infosys’ third-quarter results were largely in line with expectations after taking into account the firm’s contract ramp-down with Royal Bank of Scotland and typical seasonality associated with the end of the calendar year. Given the nine-month performance, the company tightened its constant currency revenue growth guidance to 8.4%-8.8% from 8.0%-9.0%.With the new U.S. administration coming in shortly, Infosys provided less color than Tata Consultancy Svcs Ltd (TCS IN) on its stance on visa reform, saying that it was difficult to assess the impact of such possible developments. Still, Infosys did say it had accelerated local hiring over the past couple of years and would most likely look to continue this strategy while supplementing this hiring with more software-like delivery, which we think makes sense. With our outlook unchanged, we reiterate our INR 1,177 ($17.70) fair value estimate and narrow economic moat rating. The firm is trading at a moderate discount to our fair value estimate, and we would recommend it to investors seeking exposure to a growth-oriented Indian IT services vendor.Analyst: Andrew Lange

인포시스, 3분기 이후 전망 변동 없어; 디지털 분야에 대한 강한 관심; 주가는 적당한 할인율 유지

Infosys Ltd

인포시스, 3분기 이후 전망 변동 없어; 디지털 분야에 대한 강한 관심; 주가는 적당한 할인율 유지