CSL’s Narrow Moat Intact, but Lowering FVE to AUD 195 on a More Moderate Growth Outlook
We lower narrow-moat CSL’s fair value estimate to AUD 195 from AUD 212 based on a more moderate growth outlook both in the near term from pipeline launch dates and the long term due to threats to the plasma industry from alternative therapies. Lower revenue forecasts are partially offset by a revision of our cost of equity assumption to below average at 7.5% from 9% based on the low systemic risk and limited financial leverage. We increase our stewardship rating of CSL to Exemplary from Standard...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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