Cut to Aveo’s FVE on Risk of Slowing Sales and Development Trajectory
Aveo reported fiscal 2018 underlying earnings of AUD 22 cents per security, slightly above June guidance of AUD 21.4 cents per security. The business has yet to fully recover from negative press 14 months ago. Newly completed units are taking longer to sell, resulting in a large buildup of unsold inventory on balance sheet totalling AUD 347 million at June 2018, compared with AUD 135 million a year prior. The sales rate of units upon resident departure is 7.5%, well down on the long-term average...Aveo Group is engaged in the development for resale of land and residential, retail, commercial and industrial property, the investment in, and management of, income producing retail, commercial and industrial Property, commercial, industrial and residential building and construction for the Group, and funds and asset management. As of June 30, 2016, Co. operated in two segments: Retirement, which develops and operates retirement villages and aged care facilities to produce rental and other income; and Non-retirement, which develops residential, commercial and retail property.
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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