Aristocrat Continues to Outperform Expectations; FVE Increased to AUD 17
We lift our fair value estimate for narrow-moat-rated Aristocrat Leisure to AUD 17 per share from AUD 12.80. We have taken a more positive view on the company’s sustainable earnings potential considering the larger contribution from recurring (higher-margin) revenue, a reduction in our U.S. corporate tax rate forecast, and market share gains in most regions. However, the shares remain overvalued relative to our revised intrinsic value assessment. Despite the strong operating momentum, the implie...Aristocrat Leisure is a provider of gaming solutions. Co. is engaged in the design, development and distribution of gaming content, platforms and systems. Co.'s products and services include electronic gaming machines and casino management systems. Co. also operates within the online social gaming and real money wager markets.
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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