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 7,564 - -
Change - -37.62% 32.95% 18.16% -38.11% -15.37% - -
Enterprise Value (EV) 1 14,738 10,003 12,806 14,589 9,482 8,591 8,253 8,143
Change - -32.13% 28.02% 13.93% -35.01% -9.39% -3.93% -1.34%
P/E - 132x 87x 39.2x 24.5x 18.6x 16.3x 13.7x
PBR - - - 8.97x 7.51x 6.96x 5.71x 5.71x
PEG - - 1x 0x 7.25x 0.8x 1.1x 0.7x
Capitalization / Revenue - 4.91x 6x 6.35x 3.65x 2.86x 2.7x 2.55x
EV / Revenue - 5.35x 6.28x 6.41x 3.88x 3.24x 2.95x 2.74x
EV / EBITDA - 25.1x 29x 23.9x 13.2x 10.4x 9.11x 8.05x
EV / EBIT - 33.5x - 29.5x 16.3x 12.4x 10.8x 9.52x
EV / FCF - 59.4x 64.9x 32.5x 21.4x 17x 13.7x 12.5x
FCF Yield - 1.68% 1.54% 3.08% 4.67% 5.88% 7.29% 7.99%
Dividend per Share 2 - 1.44 1.5 1.67 1.88 2.003 2.203 2.921
Rate of return - 0.66% 0.52% 0.5% 0.87% 0.99% 1.09% 1.45%
EPS 2 - 1.64 3.29 8.58 8.87 10.82 12.38 14.77
Distribution rate - 87.8% 45.6% 19.5% 21.2% 18.5% 17.8% 19.8%
Net sales 1 - 1,871 2,039 2,275 2,446 2,649 2,801 2,969
EBITDA 1 - 398.8 440.9 611.2 716.5 828.4 906.1 1,012
EBIT 1 - 298.9 - 493.8 582.9 693.6 763.5 855.1
Net income 1 193.3 70.5 141.1 369.9 374.2 413.3 461 527.2
Net Debt 1 - 809.2 583.4 147.6 543.9 1,027 688.9 578.5
Reference price 2 341.99 216.59 286.24 336.76 217.31 201.64 201.64 201.64
Nbr of stocks (in thousands) 43,095 42,446 42,700 42,884 41,129 37,514 - -
Announcement Date 24/02/22 23/02/23 22/02/24 26/02/25 12/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.64x3.24x10.37x0.99% 7.56B
21.21x4.31x11.93x1.99% 34.08B
12.17x - - - 1.19B
Average 17.34x 3.78x 11.15x 1.49% 14.28B
Weighted average by Cap. 20.51x 4.12x 11.64x 1.81%

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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  4. Valuation Morningstar, Inc.
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