Morningstar’s discounted cash flow model was developed by The Applied Finance Group, Ltd (AFG), based in Chicago.
Release: Morningstar Introduces Rating for Stocks
Institutional Investor features Applied Finance – How a Small Manager Won a Huge Pension
Employing a strategy that is a little different from many of its peers, the value investor secured a mandate from GPIF — the world’s largest pension — in October, following a due diligence process that started that summer. Value has been underperforming since the global financial crisis, but started to come back in 2021. […more]