CYBG’s 1Q19 Update Impresses, but Brexit Uncertainties Persist
No-moat-rated, U.K. regional bank, CYBG Plc, completed the acquisition of Virgin Money Holdings (UK) plc in October 2018, with CYBG’s all share offer valuing Virgin Money at GBP 1.7 billion. CYBG issued 541 million shares with Virgin Money shareholders owning approximately 38% of the combined group. We have incorporated the CYBG share issue and our estimate of Virgin Money’s financials in our earnings forecasts and valuation. Our CYBG valuation of GBX 280, or AUD 4.90 per share, is unchanged. At...
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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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