Brand Optimisation Flows Through to Pricing Power; Maintaining FVE for Invocare
We maintain our fair value estimate of AUD 14 per share for narrow-moat Invocare after the recent update by management reiterating guidance of high-single-digit operating EBITDA growth and mid-single-digit EPS growth, broadly in line with our estimates. At current levels, we see the shares trading at fair value. Notably, the unchanged guidance follows a period of lower than average increase in deaths of 0.6% as at April 2017, based on a rolling 12-month average, compared with the historical aver...Invocare is a provider of services in the funeral industry in Australia, New Zealand and Singapore with smaller operations in Hong Kong and the U.S. Through its associate, Co. provides online memorial services to allow families and communities to celebrate the life of a loved one.
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.
We have operations in 27 countries.
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