Spotless Integration Going Well and Growth in Road Construction Benefits Surfacing Business
We make no change to our AUD 5.40 fair value estimate for no-moat Downer. Underlying fiscal 2018 NPAT of AUD 250 million came in 9% below our AUD 274 million forecast, but without implication for long-term assumptions. Net operating cash flow increased by 32% to AUD 583 million, boosted by the Spotless Group acquisition. But this too was also below our AUD 655 million expectations. The full-year dividend of AUD 0.27 missed our AUD 0.31 target, a 61% payout, but was calculated over the lower-than...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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