Coles Group Offers Steady Cash Flows But Little Growth; Initiating With No-Moat and AUD 13.30 FVE
At our fair value estimate of AUD 13.30, Coles offers investors an attractive 5.1% annualised dividend yield, fully franked, underpinned by a relatively defensive income stream. However, intense competition stifles dividend growth. At a constant payout ratio of 90%, we estimate dividends to increase in line with underlying NPAT at an average rate of only about 4% per year.An investment in Coles is essentially an investment in the Australian supermarket sector. The Coles supermarkets segment acc...
COL Financial Group, Inc. (COL) is a Philippines-based company that provides online financial services. The Company is engaged in the business of broker of securities. It provides stock brokerage services through Internet technology. The Company operates through two segments: Philippines and Hong Kong. It is also engaged in providing financial advice, in the gathering and distribution of financial and investment information, and statistics and in acting as financial, commercial or business representative. It offers various products and services, which include full-service online stock brokerage, selection of mutual funds in a single platform, professional equity advisory services, research support, investor education seminars, market updates and information-driven briefings and customer support. COL provides professional equity advisory services through its agency and advisory groups (AAG) consisted of the private client group (PCG) and the independent financial advisors (IFA).
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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