Invocare Scales Back U.S. Business to Focus on Core Markets; Maintaining FVE
We maintain our AUD 13.50 per share fair value estimate for narrow moat-rated Invocare following news of it scaling back its loss-making greenfield funeral service operations in Southern California. The U.S. business has been a drag on earnings to date with reported EBITDA loss of USD 1.4 million in first-half 2016. Notably, our valuation had not factored in contributions from the offshore business given its early stage. Notwithstanding an encouraging trend towards cremation in the U.S., we have...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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