Superannuation Uncertainty Doesn't Materially Impact Link's Long-Term Prospects
We have maintained our fair value estimate for narrow-moat-rated Link Administration at AUD 8.50 per share following its agreement to increase its shareholding in Australian electronic conveyancing exchange, Pexa. At this stage, little detail has been provided other than that Link is likely to increase its shareholding from 19.8% to between 27% and 44% and that the transaction values Pexa at between AUD 1.5 and 1.6 billion on a 100% basis. This implies Link will need around AUD 250 million for i...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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