Aristocrat’s Sales Mix Shifts Further Towards More Defensive Recurring Revenue, FVE Rises to 20.50
We lifted our fair value estimate for narrow-moat Aristocrat Leisure by AUD 7% to AUD 20.50 per share following release of its interim fiscal 2018 result. While at the group level, the company is tracking broadly in line with our fiscal 2018 estimate, the sales mix continues to shift in favour of the higher-margin and sticky recurring revenue, further reducing its reliance on the volatile outright electronic gaming machine sales. Recurring revenue now accounts for about 65% of group sales, up fr...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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