No-Moat Downer Reaffirms Fiscal 2019 Earnings Guidance. We Increase our FVE to AUD 6.00.
We increase our fair value estimate for no-moat Downer to AUD 6.00 per share from AUD 5.70 due to the time value of money. Downer maintains fiscal 2019 guidance for a 23.8% increase in NPATA to AUD 352 million. We retain our essentially guidance-equalling underlying fiscal 2019 NPAT forecast of AUD 292 million, equivalent to AUD 0.49 per share or 17% EPS growth on fiscal 2018. This adds back amortisation of acquired intangibles. In our opinion, the current AUD 7.80 share price equates to a too-h...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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