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With a consistent focus on economic moats and intrinsic value applied across a large global coverage universe,
Morningstar’s equity research team offers investors a truly differentiated research product. Morningstar’s team of 120
sector-focused analysts provides in-depth research on more than 1,800 stocks globally. Our emphasis on analyzing
competitive advantages — what we call economic moats — is the cornerstone of Morningstar’s methodology. Within this
framework and by using our proprietary three-stage free cash flow model, each stock within our universe is assigned
a fair value estimate. We then assign an uncertainty rating based on multiple fundamental factors, which dictates the
appropriate margin of safety required before recommending the stock.
Our fundamental approach to research and investing has produced exceptional results over time. Our proprietary Wide-
Moat Focus index — which buys the 20 cheapest wide-moat stocks in our universe each quarter — has gained nearly
15% annually since its inception in 2002, compared with a 8% return for the S&P 500 during the same period. Over time,
our 5-star stocks have significantly outperformed those rated 1-star, demonstrating our ability to separate the winners
from the losers.
Our insightful research is distributed through multiple channels to help investors, advisors, research analysts, and asset
managers make informed decisions.
Morningstar® Equity Research
©2013 Morningstar, Inc. All rights reserved. Morningstar and the Morningstar logo are either trademarks or service marks of Morningstar, Inc.
Morningstar Research Methodology for Valuing CompaniesWe evaluate stocks as pieces of business
Morningstar Equity Research Services include:
Proprietary research and methodology
Access to analysts
Investment conferences
IPO, credit, option, fund and ETF
research available
Configurable website solution
Data feed delivery
For additionalinformation, contact:Dexter McAuleyProduct ManagerGlobal Analyst Research+1 312 [email protected]
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