Downer EDI FVE Upgraded 8% to AUD 5.40 on Margin Tweak and Time Value of Money
We increase our fair value estimate for no-moat Downer by 8% to AUD 5.40 from AUD 5.00, but the shares remain overvalued. The upgrade reflects a combination of higher forecast midcycle EBITDA margins and the time value of money. Lower-than-previously-forecast revenue growth is a partial offset.We increase our midcycle group EBITDA margin assumption to 7.8% from 7.5% following reassessment of prospects. This is still close to the 7.7% five-year average margin to fiscal 2017 and factors minor adj...
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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