Chorus Emits Positive Signals
We lift our fair value estimate on Chorus by 3% to NZD 4.00 (AUD 3.65) per share. The upgrade reflects our more positive assumptions on Chorus' fixed-line connections, rather than the reported fiscal 2018 EBITDA of NZD 653 million which was down 8% on a like-for-like basis, but 2% higher than our forecast. It was a beat was mostly cost-driven, especially on corporate overheads which fell 15% to NZD 23 million.While the 76,000 line losses in fiscal 2018 was in line with our expectations, consume...
Chorus Limited (Chorus) is a telecommunications infrastructure company. The Company maintains and builds a network made up of local telephone exchanges, cabinets, and copper and fiber cables. The Company's product portfolio encompasses a range of wholesale broadband, data and voice services across a mix of regulated, contracted, and commercial products. Its products include fiber broadband, fiber premium, copper-based voice, data services over copper and copper-based broadband. Its fiber and copper connections provide access to the Chorus fixed lines network to enable connections to the Internet. Its infrastructure includes the physical storage and site-sharing rental services for the co-location of the third party or shared assets. The Company's field services include services in the field to protect, strengthen, and increase the available network.
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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