Results are a continuation of current trends.
We think it should trade closer to book value than its current deep discount.
This combination will help the company exploit some key trends.
We like the Global Payments/TSYS merger the best. Here's why.
We're maintaining our fair value estimate for the wide-moat firm.
Hurricanes and other disasters resulted in $1.5 billion in catastrophe losses for the insurer.
AIG needs only a modest improvement to be materially undervalued.
AIG's new management team should help bring the firm's subpar returns closer to peers.
We expect limited losses within our coverage and will maintain our fair value estimates and moat ratings for all the P&C insurers we cover.
Experian, Equifax, and TransUnion can profitably expand in multiple directions.
The company is sustaining its strong growth trajectory, but we think the current market price is overly rich.
Experian, Equifax, and TransUnion have weathered the aftermath of Equifax's security breach, and we see a secular opportunity for the industry.
The new CEO's background inspires confidence that he can fix issues.
Technologies like vehicle monitoring are impacting auto insurers today, but fully driverless cars are too far away to create problems.
Richard Smith's retirement isn't surprising, but his experience could've been useful as the company resolves its data-breach issues.
We expect reinsurers to feel the biggest impact and see Travelers and Berkshire Hathaway as attractive today.
Because of the limited presence of national primary carriers in the homeowners market in Florida, the biggest industry impact of large privately insured losses could be in reinsurance.
We are reducing our fair value estimate, however.
Although the estimates of total losses remain in flux, we don’t expect any material changes to our fair value estimates for property-casualty insurers.
We are maintaining our fair value estimate amid the bid by Pershing Square to add directors to the ADP board.
Brian Duperreault will be the firm's next CEO, and here's why we like the choice.
Some financial sector firms could see valuations rise by over a third, while others would see minimal impact.
CEO Peter Hancock's resignation is unlikely to lead to any radical strategic shifts for this no-moat firm.
The company's recent reinsurance deal with Berkshire Hathaway should reduce some uncertainty going forward.
The market’s view of the insurer’s turnaround efforts is too skeptical.
We've lowered our long-term growth forecast for the company after the election of Donald Trump.
Some may be skeptical of the firm's turnaround efforts, but we still see plenty of opportunities to improve the business.
Some of Trump's proposals raise considerable near-term event risk for the money transfer industry.
Markel has developed a strong reputation as a mini-Berkshire, but the resulting premium on its share price is unwarranted.
Markel's 'mini-Berkshire' premium is unwarranted, and W.R. Berkley is a better choice.
Three CEOs stand out when it comes to creating value for shareholders.
The combination of two moaty franchises will create a large-cap outperformer.
Growth in the core payroll business has slowed, but Paychex's wide moat is intact.
Western Union's moat is wider than it appears.
W.R. Berkley, AIG, and Aflac are our best ideas in insurance.
With a focus on specialty commercial lines and strict underwriting discipline, W.R. Berkley's advantages aren't being fully appreciated by the market today.
Wide-moat Jack Henry's future is bright, if not quite as bright as the recent past.
The situation is complex, but ultimately we think investors shouldn't be overly concerned.
These wide-moat companies offer very stable business models and sticky customer bases, but investors should wait for a better opportunity to buy shares.
The near term's not so bright, but we still like the long-term picture.
Now that profitability is back on track, management's focus can shift.
This wide-moat company benefits from its bank customers' improving health.
Cautious investors could see a lot to like in the bank technology industry.
But investors should consider what could happen when that wave recedes.
Scale is the star, with brand and the network playing supporting roles.
Our analysis says no, and market fears on this front create an opportunity.
Western Union finished 2011 on a somewhat mixed note, although it did make strides in returning to a more normalized growth rate this year.
Investors can potentially achieve an attractive short- or long-term return.
Profitability is what really matters, and the forward outlook on this front is balanced.
Unfortunately, market valuations reflect this, and we see little opportunity.