Computershare's Margin Outlook Is Better Than We Thought
Narrow-moat-rated Computershare’s fiscal 2018 financial result was in line with our forecasts. However, we’ve made a number of minor adjustments to our financial model, which has increased our fair value estimate 3% to AUD 13.70 per share. Specifically, we’ve slightly lowered our forecast revenue, increased margins, and lowered capital expenditure. At their current market price of AUD 18.82, we continue to believe that the shares are overvalued and that the market is overestimating the potential...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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