Narrow-Moat Adelaide Brighton Reveals Successor CEO; Reducing FVE by 9% on Transfer of Analyst
We reduce our fair value estimate for narrow-moat Adelaide Brighton by 9% to AUD 5.00 per share following a transfer of analyst, while maintaining our Standard stewardship and medium uncertainty ratings. Despite a cooling residential construction market, which represents around one third of group sales, demand is expected to remain strong, owing to a significant pipeline of Australian infrastructure projects over the coming five years. With infrastructure markets also representing around one thi...Adelaide Brighton is an integrated construction materials and industrial lime producer which supplies a range of products into building, construction, infrastructure and mineral processing markets throughout Australia. Co.'s principal activities include the production, importation, distribution and marketing of clinker, cement, industrial lime, premixed concrete, construction aggregates and concrete products. In addition to domestic production, Co. is the importer of cement, clinker and slag into Australia.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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