Cochlear AGM: Reiterating Fiscal 2017 Guidance and Flagging Upgrades Across All Product Categories
Cochlear reiterated fiscal 2017 guidance at its annual general meeting, or AGM, with expected net profit of between AUD 210 million and AUD 225 million. With Cochlear trading around AUD 137, we view the stock as overvalued, currently at a 24.5% premium to our unchanged AUD 110 fair value estimate. The company also confirmed the recent launch of its first off-the-ear sound processor, Kanso, in the United States. The Kanso is one of five new product releases in fiscal 2016; the others are the Baha...Cochlear is a for-profit entity and operates in the implantable hearing device industry. Co.'s implant systems comprise an implant which is inserted during surgery and an external sound processor. As of June 30 2016, Co. sold in over 100 countries and had a direct presence in approximately 20 countries and used distributors and agents in other areas. Manufacturing for the cochlear implant product range is based in Australia. The bone conduction implant product range is manufactured in Sweden. Co.'s supply chain operates with product being distributed from its manufacturing sites in Australia and Sweden to its regional distribution centres in the U.S., the U.K. and Panama.
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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