InvoCare Reports Better-Than-Expected Interim Result Despite Some Market Share Erosion
We increase our fair value estimate for narrow-moat InvoCare marginally by 4% to AUD 14.50 per share. This largely reflects the time value of money and follows the release of better-than-expected interim results with net profit after tax of AUD 41.7 million, up 50% on the prior corresponding period. This was despite weaker-than-expected top-line revenue, and was ahead of our forecasts. This also included improved returns on prepaid contract funds under management. The company declared an interim...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.
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