Iress No Longer Overvalued Following Technology Sector Sell-Off
Despite a lack of announcements since the interim result last August, the share price of narrow-moat-rated Iress has fallen by 21% over the past three months, which mainly reflects general technology stock weakness. At the current market price of AUD 10.81, the stock now trades slightly below our AUD 11.00 fair value estimate which implies a fiscal 2019 P/E ratio of 24. Superficially, this looks expensive relative to the P/E ratio of the S&P/ASX 200 index of just 14, and Iress needs to impro...IRESS is engaged in the provision of information, trading, compliance, order management, portfolio and wealth management, and lending systems and related tools. Co.'s main clients are financial markets and wealth management participants in Australia, New Zealand, South East Asia, Canada, South Africa and the U.K. Co. provides solutions to clients using three core platforms: IRESS (market information and trading platform), XPLAN (wealth management and advice platform), and Mortgage Sales and Originations (lending automation and processing platform). Core business activities of Co. are carried out within three main divisions being financial markets, wealth management, and enterprise lending.
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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