Slow Start to Fiscal 2017 for Ainsworth, However Improvement Expected in Second Half, FVE Unchanged
We maintain our AUD 2.40 per share fair value estimate for narrow-moat Ainsworth Game Technology, despite the company's soft start to fiscal 2017. Interim fiscal 2017 profit before tax (excluding the impact of foreign exchange rate movements) halved on the previous corresponding period to AUD 15.2 million, albeit consistent with the guidance provided in late 2016. The weak performance comes as no surprise, given the aggressive competition in the domestic market, and delays in North American cabi...Ainsworth Game Technology is a gaming machine developer, designer and manufacturer operating in local and global markets. Co. is engaged in the design, development, production, lease, sale and servicing of gaming machines and other related equipment and services. Co. provides its product within both land based and on-line gaming markets, including social gaming and licensed Real Money gambling markets. Co.'s game brands include Mustang Money 2™, Thunder Cash™, Twice The Money™ and Cash Cave™.
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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