Rail’s Prevalence in New Contracts Could Mean the Market’s Midterm Outlook is Overdone
No-moat Downer shares have been in the ascendancy for approximately two years now, up 135% from the sub-AUD 3.00 lows in late 2015. That’s despite diluted EPS having fallen by 20% over that period, to AUD 0.37 from AUD 0.46 at June 2017. At the current AUD 6.95 share price, Downer’s fiscal 2018 metrics translate to an EV/EBITDA multiple of 7.5, more than 30% above the company’s 20-year average of 5.7 and 70% higher than the 10-year average of 4.4. Our AUD 5.00 fair value estimate, appreciated at...Downer EDI is engaged in providing services to customers which includes Transport Services; Technology and Communications Services; Utilities Services; Rail; Engineering, Construction and Maintenance; and Mining, in Australia and New Zealand and also in the Asia-Pacific region, South America and Southern Africa.
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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