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Learn More Please view CEO Kunal Kapoor’s recent letter to shareholders about the DBRS acquisition here. Morningstar’s 2019 Annual Shareholders’ Meeting was held May 17, 2019. Please view the video here

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Monthly Investor Q&A

October 4, 2019

DBRS 1H19 operating margin is 5.9%, much lower than Morningstar’s. Are there any one-offs in 1H19 that need adjusting for?

October 4, 2019

DBRS contribution to group profits would’ve been negative in FY19 and the deal is dilutive on a pro-forma FY18 and 1H19 basis – is it fair to say synergies are important for making the deal accretive in FY20?

October 4, 2019

DBRS benefited from tax assets in its P&L – was this a one-off? What is the tax rate for the group going forwards? The pro-forma P&L has a 16% effective tax rate – is this too low?

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