Computershare Remains Overvalued as Mortgage Servicing Supports First-Half Result
We maintain our fair value estimate for narrow-moat-rated Computershare at AUD 11.00 per share following the interim result, which met both our expectations and management guidance. Underlying net profit after tax fell 2.2% to USD 140.6 million, although weakness was driven by foreign exchange movements, including the impact of Brexit on the British pound, with underlying NPAT rising 3.1% on a constant-currency basis.The result was broadly in line with our investment thesis--namely, that underl...
Computershare is engaged in the operation of investor services, which provides registry maintenance and related services; plan services, which provides administration and related services for employee share and option plans; communication services, which comprise document composition and printing, intelligent mailing, among others; business services, which provides bankruptcy, class action and utilities administration services, voucher services, corporate trust services and mortgage servicing activities; stakeholder relationship management services, which provides investor analysis, investor communication and management information services; and technology services.
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.
We have operations in 27 countries.
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