Blackmores' Domestic Sales Stabilizing, but Operating Leverage Lower, Shares Remain Undervalued
We maintain our AUD 119 fair value estimate for narrow-moat Blackmores following the firm's third-quarter result, which was broadly in line with our expectations. At current levels, the stock is 10% below our fair value estimate and therefore undervalued, in our opinion.Third-quarter revenue of AUD 173.8 million was flat with the prior period, with net profit after tax down 10% due to higher advertising costs, reflecting a more competitive trading environment domestically and investments made i...
Blackmores is engaged in the development, sales and marketing of health products for humans and animals including vitamins and herbal and mineral nutritional supplements. As of June 30 2016, Co. operated in Australia, New Zealand and Asia.
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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