Steady WIH and Reduced Construction Earnings Spook Market. We Increase Cimic FVE to AUD 35.
We increase our fair value estimate for no-moat Cimic to AUD 35.00 from AUD 34.50, due to the time value of money. Cimic reported steady first-half 2019 NPAT of AUD 367 million, below our AUD 400 million expectations. We read no long-term implications into our first-half earnings overcall, with company NPAT guidance for the full year remaining AUD 790-840 million. But given the weaker than anticipated first half, we reduce our 2019 NPAT forecast by 5% to AUD 798 million, now toward the lower end...CIMIC Group is a construction company and the contract miner. Co. provides construction, mining, engineering, public-private partnerships (PPP), and operation and maintenance services to the infrastructure, resources and property markets. Co. comprises the following main segments: construction, contract mining, PPP, engineering, Habtoor Leighton Group, and commercial and residential. Co. delivers its services through several companies: CPB Contractors Pty Ltd, Leighton Asia Limited, Thiess Pty Ltd, Pacific Partnerships, and EIC Activities Pty Ltd. Co. operates across the Australia Pacific, Asia, Middle East and Americas regions in the infrastructure, resources and property 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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