Company Valuation: Morningstar, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 14,738 9,193 12,222 14,442 8,938 8,393 - -
Change - -37.62% 32.95% 18.16% -38.11% -6.1% - -
Enterprise Value (EV) 1 14,738 10,003 12,806 14,589 9,482 9,538 9,240 8,931
Change - -32.13% 28.02% 13.93% -35.01% 0.6% -3.13% -3.34%
P/E - 132x 87x 39.2x 24.5x 19.7x 17.3x 14.9x
PBR - - - 8.97x 7.51x 8.23x 7.21x 5.99x
PEG - - 1x 0x 7.25x 0.7x 1.3x 0.9x
Capitalization / Revenue - 4.91x 6x 6.35x 3.65x 3.15x 2.97x 2.81x
EV / Revenue - 5.35x 6.28x 6.41x 3.88x 3.57x 3.27x 2.99x
EV / EBITDA - 25.1x 29x 23.9x 13.2x 11.3x 9.84x 8.65x
EV / EBIT - 33.5x - 29.5x 16.3x 13.3x 11.7x 10.3x
EV / FCF - 59.4x 64.9x 32.5x 21.4x 18.1x 14.9x 13.5x
FCF Yield - 1.68% 1.54% 3.08% 4.67% 5.52% 6.7% 7.38%
Dividend per Share 2 - 1.44 1.5 1.67 1.88 2.003 2.203 2.922
Rate of return - 0.66% 0.52% 0.5% 0.87% 0.89% 0.97% 1.29%
EPS 2 - 1.64 3.29 8.58 8.87 11.49 13.07 15.23
Distribution rate - 87.8% 45.6% 19.5% 21.2% 17.4% 16.9% 19.2%
Net sales 1 - 1,871 2,039 2,275 2,446 2,668 2,822 2,988
EBITDA 1 - 398.8 440.9 611.2 716.5 843.8 938.8 1,033
EBIT 1 - 298.9 - 493.8 582.9 717.1 790.9 865.1
Net income 1 193.3 70.5 141.1 369.9 374.2 426.2 481.7 543.8
Net Debt 1 - 809.2 583.4 147.6 543.9 1,146 847.1 538.3
Reference price 2 341.99 216.59 286.24 336.76 217.31 226.19 226.19 226.19
Nbr of stocks (in thousands) 43,095 42,446 42,700 42,884 41,129 37,104 - -
Announcement Date 2/24/22 2/23/23 2/22/24 2/26/25 2/12/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.69x3.57x11.3x0.89% 8.39B
28.18x9.94x18.71x0.84% 135B
30.25x10.99x20.69x0.84% 85.16B
30.34x6.87x17.56x2.17% 51.34B
31.43x14.44x23.57x1.29% 44.57B
22.08x4.42x12.24x1.92% 35.07B
16.72x3.7x11.1x3.1% 21.65B
28.31x3.97x12.41x1.21% 21.6B
19.44x2.9x11.92x2.42% 20.19B
22.19x5.22x13.02x2.99% 17.59B
Average 24.86x 6.60x 15.25x 1.77% 44.08B
Weighted average by Cap. 27.32x 8.57x 17.57x 1.42%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Morningstar, Inc.

Historical PBR trend

Valuation ratios - PBR - Morningstar, Inc.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Morningstar, Inc.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Morningstar, Inc.


Year-on-year evolution of the Yield

Valuation ratios - Yield - Morningstar, Inc.
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