Computershare’s First-Half Result Beats Expectations; FVE Increased to USD 13.30.
Narrow-moat Computershare reported a stronger-than-expected first-half result, and we have increased our fair value estimate by 11% to USD 13.30 per share. However, at the current market price of USD 17.19, we still view shares as overvalued. The key driver of the fair value increase is higher EBITDA margin forecasts for the business services division, which includes the fast-growing mortgage services business. We previously assumed business services would achieve a terminal EBITDA margin of 25%...
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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