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 6,663 - -
Change - -37.62% 32.95% 18.16% -38.11% -25.45% - -
Enterprise Value (EV) 1 14,738 10,003 12,806 14,589 9,482 7,632 7,337 7,426
Change - -32.13% 28.02% 13.93% -35.01% -19.5% -3.87% 1.22%
P/E Ratio - 132x 87x 39.2x 24.5x 16.9x 14.5x 11.2x
PBR - - - 8.97x 7.51x 6x 5.02x 5.24x
PEG - - 1x 0x 7.25x 1x 0.9x 0.4x
Capitalization / Revenue - 4.91x 6x 6.35x 3.65x 2.54x 2.4x 2.23x
EV / Revenue - 5.35x 6.28x 6.41x 3.88x 2.91x 2.64x 2.48x
EV / EBITDA - 25.1x 29x 23.9x 13.2x 9.44x 8.22x 7.11x
EV / EBIT - 33.5x - 29.5x 16.3x 11.3x 9.79x 8.35x
EV / FCF - 59.4x 64.9x 32.5x 21.4x 15.3x 14x -
FCF Yield - 1.68% 1.54% 3.08% 4.67% 6.52% 7.14% -
Dividend per Share 2 - 1.44 1.5 1.67 - 2.02 2.22 2.645
Rate of return - 0.66% 0.52% 0.5% - 1.15% 1.27% 1.51%
EPS 2 - 1.64 3.29 8.58 8.87 10.36 12.05 15.68
Distribution rate - 87.8% 45.6% 19.5% - 19.5% 18.4% 16.9%
Net sales 1 - 1,871 2,039 2,275 2,446 2,625 2,779 2,993
EBITDA 1 - 398.8 440.9 611.2 716.5 808.2 892.9 1,045
EBIT 1 - 298.9 - 493.8 582.9 676.1 749.2 889.6
Net income 1 193.3 70.5 141.1 369.9 374.2 400.9 455.5 553.8
Net Debt 1 - 809.2 583.4 147.6 543.9 969.2 673.6 762.8
Reference price 2 341.99 216.59 286.24 336.76 217.31 175.22 175.22 175.22
Nbr of stocks (in thousands) 43,095 42,446 42,700 42,884 41,129 38,028 - -
Announcement Date 2/24/22 2/23/23 2/22/24 2/26/25 2/12/26 - - -
1USD in Million2USD
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.06x3.95x10.96x2.23% 30.86B
9.47x - - - 960M
20.35x1.52x5.95x - 258M
Average 16.29x 2.74x 8.46x 2.23% 10.69B
Weighted average by Cap. 18.78x 3.93x 10.92x 2.23%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  5. Valuation Morningstar, Inc.
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