Retail Challenges Lead to Lowered Guidance but Still Within Our Forecasts; Maintaining FVE for API
We are maintaining our AUD 2.15 fair value estimate for narrow-moat API following management’s lowered guidance for fiscal 2017, given weaker-than-expected consumer spending in the current half to date. The company now expects full-year NPAT to be approximately up 5%, down from 10% previously, on fiscal 2016 NPAT of 51.7 million, or about AUD 54.3 million. This compares with our forecast of AUD 52.9 million.Importantly, management confirmed its pharmacy distribution business is meeting expectat...
Australian Pharmaceutical Industry is a service provider to the pharmacy industry. Co. operates two segments, Australia and New Zealand. The Australia segment is engaged in the distribution of pharmaceutical, medical, health, beauty and lifestyle products to pharmacies, the purchase and sale of various health, beauty and lifestyle products within the retail industry and provider of retail services to pharmacies. The New Zealand segment is engaged as a manufacturer and owner of rights of pharmaceutical medicines and consumer toiletries.
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.
We have operations in 27 countries.
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