Morningstar, Inc. (MORN)

Industry: Financial - Data & Stock Exchanges Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
ICE	2	Intercontinental E	12,003	29.81	27.11	17.64	15.76	22.87	17.96
DB1.DE	3	Deutsche Börse AG	8,488	25.59	22.68	14.21	12.52	16.17	14.75
NDAQ	4	Nasdaq, Inc.	8,168	31.21	27.79	19.89	17.30	25.41	23.65
COIN	5	Coinbase Global, I	7,672	27.56	14.22	21.25	11.23	45.54	22.94
0388.HK	6	Hong Kong Exchange	3,238	32.48	29.46	16.29	14.87	16.71	17.35
MSCI	7	MSCI Inc.	3,055	35.79	30.71	26.92	23.39	27.36	25.91
DNB	8	Dun & Bradstreet H	2,406	-	-	9.24	7.36	141.21	38.21
MORN	9	Morningstar, Inc.	2,395	26.16	22.48	14.27	12.49	20.36	15.80
FDS	10	FactSet Research S	2,322	23.61	21.49	15.86	13.88	21.59	18.40
300059.SZ	11	East Money Informa	2,252	33.84	26.65	41.68	35.46	26.80	23.76
034310.KS	12	NICE Holdings Co.,	2,169	8.23	4.42	0.82	0.61	3.81	4.50
S68.SI	13	Singapore Exchange	2,015	12.78	10.68	10.08	8.53	9.95	9.46
B3SA3.SA	14	B3 S.A. - Brasil,	1,773	14.28	13.59	9.17	8.50	12.78	12.54
MOEX.ME	15	Public Joint-Stock	1,737	3.88	3.20	3.77	3.29	1.91	1.92
ASX.AX	16	ASX Limited	1,436	15.22	14.82	5.19	4.60	5.32	5.32
8697.T	17	Japan Exchange Gro	1,103	23.92	22.79	13.56	13.00	14.52	15.42

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	23.76	18.16	13.56	11.23	16.17	15.42
Full Range Median Multiple	24.75	22.08	14.21	12.52	16.71	17.35
Industry Multiple	22.73	19.26	15.04	12.69	26.13	16.81
Market Implied Multiple	24.12	20.72	13.21	11.57	18.85	14.64
Company (MORN) Multiple	26.16	22.48	14.27	12.49	20.36	15.80
(*) Net Income / EBITDA / Revenue	376	438	729	833	511	659
Winsorized Enterprise Value	N/A	N/A	9,890	9,360	8,265	10,155
Full Range Median Enterprise Value	N/A	N/A	10,364	10,431	8,544	11,425
(-) Net Debt	568	568	568	568	568	568
Winsorized Equity Value	8,935	7,947	9,321	8,791	7,696	9,587
Full Range Median Equity Value	9,307	9,666	9,796	9,863	7,975	10,856
(/) Shares Outstanding	42	42	42	42	42	42
Winsorized Fair Value	$210.72	$187.42	$219.84	$207.35	$181.51	$226.11
Full Range Median Fair Value	$219.51	$227.97	$231.03	$232.61	$188.10	$256.04
Current Price	$213.91	$213.91	$213.91	$213.91	$213.91	$213.91
Upside / Downside	-1.49%	-12.38%	2.77%	-3.07%	-15.14%	5.70%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$147.51	$131.19	$153.89	$145.14	$127.06	$158.28
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy