Buoyant Outdoor Market Offsetting Reinvestment Costs; APN Outdoor FVE up 4% to AUD 4.90 per Share
We lift our fair value estimate for no-moat-rated APN Outdoor by 4% to AUD 4.90 per share. The current mid-single-digit revenue growth momentum is impressive given the absence of the Yarra Trams contract (from December 2017), with existing units enjoying high-single-digit top-line increases. The continuing robust growth of outdoor advertising is the key driver, with the market up 8.7% year on year in the March quarter. We believe this has since been further boosted by financial services money in...APN Outdoor Group Limited is an Australia-based provider of advertising services. The Company operates in the Out-of-Home advertising market segment. The Company supplies Out-of-Home media and advertising services at sites in Australia and New Zealand. It offers digital billboards, static roadside billboards, transit advertising, rail advertising and airport advertising. It has a geographically diversified outdoor advertising network, which operates in New South Wales, Victoria, Queensland, Western Australia, South Australia, the Australian Capital Territory, Tasmania and New Zealand.
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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