2Q Beat on Strong Credit Trends; Stable PitchBook Growth May Signal Turning Point

研报英文原文证据摘录

2Q Beat on Strong Credit Trends; Stable PitchBook Growth May Signal Turning Point

Global Research

30 July 2026ab

Morningstar Inc Equities

Americas2Q Beat on Strong Credit Trends; Stable

PitchBook Growth May Signal Turning Point Diversified Financial

12-month rating Buy

12m price target US$260.002Q26 EPS of $3.10 vs $2.96 UBSe and $2.82 Street (detailed table on page 13)

Relative to our expectations, MORN reported higher revenues and slightly higher

expenses, driving a higher adjusted operating margin (26.5% vs. 25.9% UBSe). Revenue Price (29 Jul 2026) US$198.66

trends were generally positive, with strong growth in Morningstar Credit and RIC: MORN.O BBG: MORN US

Morningstar Direct. PitchBook accelerated marginally and new initiatives could drive

better trends ahead. The combination of strong margin expansion and continued Trading data and key metrics

buybacks drove 29% EPS growth, leading the peer group by a wide margin. With AI 52-wk range US$276.46-141.84

disruption fears abating somewhat, growth positioned to improve, and the stock pricing Market cap. US$8.48b

in virtually no long-term growth, we see potential for significant upside. Shares o/s 42.7m (COM)

Free float 62%

Strong results in Credit while PitchBook accelerates; strong margin expansion Avg. daily volume ('000) 501

Morningstar Credit saw another quarter of strong growth (+23.4%), beating our Avg. daily value (m) US$86

expectations by 7.3%. Strength in Canadian and US corporate issuance and US Common s/h equity (12/26E) US$1.02b

structured financing contributed to growth. P/BV (12/26E) 7.4x

Net debt to EBITDA (12/26E) 1.4x

PitchBook (+4.9 y/y) was in line with our expectations as organic growth

accelerated for the first time since 4Q24. Management has seen good demand for EPS (UBS, diluted) (USD)