Morningstar: Solvay | Vlaamse Federatie van Beleggers
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(56) Morningstar Equity Research. Research Methodology for Valuing Companies Overview. At the heart of our valuation system is a detailed SURMHFWLRQRIDFRPSDQ\ŒVIXWXUHFDVKĬRZVUHsulting from our analysts’ research. Analysts create custom industry and company assumptions WR IHHG LQFRPH VWDWHPHQW EDODQFH VKHHW DQG FDSLWDOLQYHVWPHQWDVVXPSWLRQVLQWRRXUJOREDOO\ VWDQGDUGL]HG SURSULHWDU\ GLVFRXQWHG FDVK ĬRZ RU '&) PRGHOLQJ WHPSODWHV :H XVH VFHQDULR DQDO\VLV LQGHSWK FRPSHWLWLYH DGYDQWDJH DQDO\VLVDQGDYDULHW\RIRWKHUDQDO\WLFDOWRROVWRDXJPHQWWKLVSURFHVV0RUHRYHUZHWKLQNDQDO\]LQJ YDOXDWLRQ WKURXJK GLVFRXQWHG FDVK ĬRZV SUHVHQWVDEHWWHUOHQVIRUYLHZLQJF\FOLFDOFRPSDQLHV KLJKJURZWK īUPV EXVLQHVVHV ZLWK īQLWH OLYHV HJPLQHV
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We view these early sales results as a good sign for our near-term thesis that Apple’s competitive position at the high end of the smartphone space remains as strong as ever and
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