Aristocrat Leisure’s Push Into Digital Gaming Is Not Without Risks
Despite narrow-moat-rated Aristocrat’s share price falling by almost 10% during the past month, we still believe the firm is overvalued relative to our unchanged AUD 19 per share fair value estimate. Granted, the company has recently undergone a major transformation, increasing recurring revenue and diversifying away from outright machine sales. Notwithstanding, we believe the business remains highly cyclical, with heavy exposure to its product replacement cycle, and while our near-term earning...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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