Invocare Meets Expectations and Unveils 2020 Refresh and Optimisation Plans
We raise our fair value estimate for narrow-moat Invocare to AUD 14.00 per share from AUD 13.50 after the firm reported fiscal 2016 results that met expectations despite weak market conditions in the period. Invocare reported net profit after tax, or NPAT, of AUD 70.9 million, including AUD 16.1 million from AUD 473 million in funds under management, or FUM, on revenue of AUD 450.7 million, up 29.4% and 3.3%, respectively. On an adjusted basis, excluding FUM, NPAT was effectively flat year on ye...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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