Morningstar are fools! They have no idea how to value a company IMO. They use a formula that is not able to factor in potential appropriately, and they have no idea about risk. They will undervalue growth companies and not value risk appropriately- best example of the latter was Slater and Gordon, which was a ‘buy’ all the way down from about $7, and kept being a buy as the prices dropped and performance and debt issues increased. I used to be a subscriber but they were wrong so many times it became pathetic. Don’t know why anyone listens to them.
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