No-Moat Downer FVE Increased to AUD 5.70 on Time Value of Money
We increase our fair value estimate for no-moat Downer to AUD 5.70 per share from AUD 5.40 due to the time value of money. Our fair value estimate equates to a fiscal 2023 enterprise value/EBITDA of 5.0, crediting negligible five-year revenue growth, but improvement in midcycle EBITDA margin to 7.6% from fiscal 2018’s 6.5%. Our margin forecast is closer to longer-term historical averages, anticipating improvement from most earnings segments, and includes ongoing gains from Spotless as it is bedd...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.
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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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