No-Moat APN Outdoor Enjoying the Great Outdoors; Initiating with AUD 5.80 Fair Value Estimate
We are initiating on APN Outdoor with a no-moat rating and a AUD 5.80 per share fair value estimate.The group operates a network of outdoor advertising sites with a leading 28% share of the Australian market and a commanding 30% share of the New Zealand market. The group's presence is particularly strong in the billboard and the transit (trams and buses) segments, while it also participates in the rail and the airports segments. APN Outdoor offers these advertising services by entering into lea...
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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