CSL Profit Upgrade for Fiscal 2017: Fair Value Estimate Lowered Slightly Given Stronger AUD
We lower our fair value estimate for CSL to AUD 121 per share from AUD 125, after adjusting for the current AUD/USD spot price, but management’s increased guidance for fiscal 2017 is in line with our expectations. At current levels, the stock still trades at a substantial discount to our intrinsic assessment, and is therefore undervalued, in our opinion. Increase in underlying net profit after tax, or NPAT, for fiscal 2017 is now expected in the range of 18%-20% on fiscal 2016, both on a constan...CSL is engaged in the research, development, manufacture, marketing and distribution of biopharmaceutical and allied products. Co.'s operations are divided into three segments: CSL Behring, Seqirus, and CSL Intellectual Property. CSL Behring is engaged in manufacturing, marketing and developing plasma therapies (plasma products and recombinants). Seqirus is engaged in manufacturing and distributing non-plasma biotherapeutic products. CSL Intellectual Property is engaged in the licensing of intellectual property of Co. to unrelated third parties. Co. operates primarily in five specific geographic areas, namely Australia, the U.S., Germany, Switzerland, and the U.K.
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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