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  1. Richemont’s April Sales Figures Suggest Slowdown but No Change in Long Term; Shares at Fair Value

    Commentary

    Fri, 22 May 2015

    We don't see any significant changes in our CHF 85 valuation for Richemont, and our wide - moat rating also is unchanged after its fiscal year 2015 results. We will update our model after the annual report is published, but

  2. Deere Announces Second-Quarter Results; Weaker Sales Outlook Offset by Better Cost Control

    Commentary

    Fri, 22 May 2015

    challenging environment. Our assumptions remain intact and we plan to maintain Deere's $91 fair value estimate and wide moat rating. Second-quarter trends were challenging globally. U.S. and Canadian sales fell 14% year over year. Sales

  3. While Sales Fail to Simmer, Cost Savings Heat Up for Campbell in 3Q; Shares Fairly Valued

    Commentary

    Fri, 22 May 2015

    operating margins up 40 basis points to 16.1%, was a bright spot. We're maintaining our $47 fair value estimate and wide moat , negative trend rating based on the firm's expansive distribution network but deteriorating brand intangible asset

  4. Plenty to Digest in HP's Fiscal 2Q Result; More Restructuring Coming, Though No Change to Our Thesis

    Commentary

    Fri, 22 May 2015

    though we will update our financial model following the quarter, we expect to maintain our $37 fair value estimate and no- moat rating (and negative trend). We continue to view HP as a turnaround story that has several moving parts, and even with shares

  5. Intuit Reports Good 3Q; Tax and Small Business Well Positioned; Shares Trade at Premium

    Commentary

    Fri, 22 May 2015

    QuickBooks Online and associated products such as payroll and payments. We maintain our $85 fair value estimate and wide economic moat rating. For the quarter, revenue dipped 8% to $2.19 billion year over year. This was expected due to Intuit's

  6. Morningstar's International Investing Week

    Headlines

    Fri, 22 May 2015

    potential investment opportunities, including several wide - moat names and topnotch equity managers. And given our increasingly ..... favorite developed-markets mutual funds and ETFs, and moat -worthy foreign-based companies trading at a discount

  7. No- Moat Lenovo's FY15 Result in Line, Fair Value Retained at HKD 12 per Share

    Commentary

    Thu, 21 May 2015

    resulted in fourth-quarter operating profit down 45%. We maintain our fair value estimate at HKD 12 per share and our no- moat rating on the company stands. As a manufacturer of generic consumer electronics hardware, we see limited switching costs for

  8. Looking to June Market Update for UGL's New Direction

    Commentary

    Thu, 21 May 2015

    the market because of takeover speculation surrounding the company via an acquisition by private equity. We maintain our no- moat , very high uncertainty and Poor stewardship ratings. UGL is unlikely to restore dividend payments until fiscal 2016.

  9. Factors Behind Echo Entertainment's Strong First Half Still Lingering in the Current Half

    Commentary

    Thu, 21 May 2015

    competitive threats, and the associated risks to sustainable earnings and capital spending. Consequently, we have retained our no- moat rating. Shares are trading above our fair value estimate, with investors buoyed by the current trading momentum. While this

  10. Marvell Still Having a Tough Go of It in Storage and Wireless, Maintain $14 Fair Value Estimate

    Commentary

    Thu, 21 May 2015

    a material change to our $14 fair value estimate at this time and we view shares as fully valued. We’ll maintain our no moat rating for the firm. Marvell’s revenue in the April quarter was $724 million, about at the midpoint of the firm’s

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