Link Remains Significantly Undervalued As Investor Day Reiterates Business Strengths
Narrow-moat Link Administration’s annual investor day largely recapped known information, albeit with an update about the United Kingdom business. The most notable news was that the AustralianSuper contract has been renewed for another four years. AustralianSuper is the largest superannuation fund in Australia and Link’s largest client, which we estimate comprises about 10% of group revenue. Link still faces the risk that other large superannuation fund clients will not renew contracts, with neg...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.
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