CSL’s Interim Results Solid as Foreshadowed; Seqirus Turnaround On Track
Narrow-moat CSL’s interim net profit after tax of AUD 806 million met expectations. We are raising our fair value estimate to AUD 122 per share from AUD 121, after adjusting for the current AUD/USD spot price and revisiting key product growth assumptions, but our long-run operating assumptions are largely unchanged. Notwithstanding the impressive performance of Idelvion and continuing demand for Albumin in China, CSL’s core immunoglobulin was (as expected) the key driver in the half, leveraging ...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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