Computershare Remains Fairly Valued as Margin Income Growth Drives 1H Result
Narrow-moat-rated Computershare’s first-half result was strong but only slightly ahead of our expectations. Although statutory NPAT rose by 52%, Computershare frequently reports a range of nonrecurring items, meaning that the 15% increase in underlying NPAT is a more accurate reflection of the underlying performance of the company. Although we expected strong margin income growth, we were surprised by the 21% jump in client-owned cash balances and the USD 10 million in EBITDA from the corporate ...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.
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