Transfer of Analyst Coverage on CSL, Maintain FVE of AUD 207 per Share
We have transferred analyst coverage of narrow-moat-rated CSL and maintain our AUD 207 per share fair value estimate. The reduction in the AUD/USD exchange rate from 0.73 to 0.71 is a minor benefit to our fair value estimate, however, this is offset by several other changes to our forecasts. We have lowered our near-term revenue growth rate assumption, in line with recent guidance from the annual general meeting for 9% growth in fiscal 2019. We have also increased our near-term capital expenditu...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.
We have operations in 27 countries.
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