Financials Morningstar, Inc.

Equities

MORN

US6177001095

Professional Information Services

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-20 pm EDT			5-day change	1st Jan Change
297.1 ^USD	-0.88%		+0.24%	+3.80%

May. 20	Morningstar Insider Sold Shares Worth $3,268,820, According to a Recent SEC Filing	MT
May. 15	Morningstar Insider Sold Shares Worth $1,852,016, According to a Recent SEC Filing	MT

Valuation

Fiscal Period: December	2019	2022	2023	2024	2025	2026
Capitalization ¹	6,478	9,193	12,222	12,701	-	-
Enterprise Value (EV) ¹	6,478	10,003	12,806	13,318	12,902	12,564
P/E ratio	43 x	132 x	87 x	50.4 x	42.1 x	34.4 x
Yield	-	0.66%	0.52%	0.6%	0.66%	0.76%
Capitalization / Revenue	5.49 x	4.91 x	6 x	5.7 x	5.16 x	4.68 x
EV / Revenue	5.49 x	5.35 x	6.28 x	5.97 x	5.24 x	4.63 x
EV / EBITDA	-	25.1 x	29 x	23 x	19.8 x	16.8 x
EV / FCF	-	59.4 x	64.9 x	47.9 x	25.4 x	27.9 x
FCF Yield	-	1.68%	1.54%	2.09%	3.94%	3.58%
Price to Book	-	-	-	-	-	-
Nbr of stocks (in thousands)	42,810	42,446	42,700	42,746	-	-
Reference price ²	151.3	216.6	286.2	297.1	297.1	297.1
Announcement Date	2/20/20	2/23/23	2/22/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2021	2022	2023	2024	2025	2026
Net sales ¹	1,179	-	1,871	2,039	2,229	2,463	2,715
EBITDA ¹	-	-	398.8	440.9	578	653	749
EBIT ¹	-	-	298.9	-	389	464	560
Operating Margin	-	-	15.98%	-	17.45%	18.84%	20.63%
Earnings before Tax (EBT) ¹	-	-	130.6	-	347	421	522
Net income ¹	-	193.3	70.5	141.1	254	307	381
Net margin	-	-	3.77%	6.92%	11.4%	12.46%	14.03%
EPS ²	3.520	-	1.640	3.290	5.900	7.060	8.640
Free Cash Flow ¹	-	-	168.3	197.3	278	508	450
FCF margin	-	-	9%	9.68%	12.47%	20.63%	16.57%
FCF Conversion (EBITDA)	-	-	42.2%	44.75%	48.1%	77.79%	60.08%
FCF Conversion (Net income)	-	-	238.72%	139.83%	109.45%	165.47%	118.11%
Dividend per Share ²	-	-	1.440	1.500	1.770	1.960	2.250
Announcement Date	2/20/20	2/24/22	2/23/23	2/22/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q4
Net sales	-
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income	-
Net margin	-
EPS	-
Dividend per Share ¹	0.3600
Announcement Date	2/23/23

¹USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	809	583	617	201	-
Net Cash position ¹	-	-	-	-	-	-	137
Leverage (Debt/EBITDA)	-	-	2.029 x	1.323 x	1.067 x	0.3078 x	-
Free Cash Flow ¹	-	-	168	197	278	508	450
ROE (net income / shareholders' equity)	-	-	-	-	-	-	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	-	-	130	119	152	172	190
Capex / Sales	-	-	6.92%	5.84%	6.82%	6.98%	7%
Announcement Date	2/20/20	2/24/22	2/23/23	2/22/24	-	-	-

¹USD in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Morningstar, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

297.1 USD

Average target price

340 USD

Spread / Average Target

+14.43%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Financial Information Providers

	1st Jan change	Capi.
MORNINGSTAR, INC.	+3.80%	12.81B
DONNELLEY FINANCIAL SOLUTIONS, INC.	+2.79%	1.89B
SHANGHAI DZH LIMITED	-12.87%	1.8B
OPEN LENDING CORPORATION	-24.32%	747M
MINKABU THE INFONOID, INC.	-18.19%	121M
FNGUIDE INC.	+14.24%	62.66M

Financial Information Providers