Deleveraging of Link's Balance Sheet Raises the Prospect of Further Acquisitions
Narrow-moat Link Administration’s first-half results were broadly in line with our expectations, and we have maintained our fair value estimate at AUD 8.90 per share. We were surprised that the share price fell by 3% following the result, since we believe the company is performing well. Management’s outlook was vague but positive nonetheless, and cost synergy guidance was maintained, albeit skewed to the second half. We expect the decline in share price was caused by a combination of ongoing unc...Link Administration Holdings provides technology-enabled outsourced administration services to companies, asset owners, and trustees in Australia. Co. operates through Fund Administration, Corporate Markets, and Information, Digital, and Data Services segment. The Fund Administration segment provides administration services to superannuation funds; Corporate Markets offers a comprehensive and integrated corporate market offering that connects issuers with their stakeholders; and Information, Digital, and Data Services provides core services of development and maintenance of proprietary IT systems and platforms.
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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