Morningstar Research Services LLC is a leading provider of independent investment research globally. Our institutional equity research is differentiated by our long-term outlook, emphasis on sustainable competitive advantages (or economic moats), and DCF-based intrinsic valuation. Our research team analyzes industries and businesses, seeking sources of economic moats, and then uses these insights to forecast future cash flows and provide fair value estimates for each company. Employing our moat methodology, our dedicated team of ~100 analysts provide deep dive industry analysis and stock specific bottoms-up research on over 1,500 companies worldwide allowing fluctuations in market pricing and sentiment to provide investment opportunities.