M1 4Q17 Results Better than Expected with FVE Increased to SGD 1.54 but Competition Coming
M1’s fourth-quarter 2017 result was slightly better than our expectations with services revenue up 7.0% year on year, EBITDA up 3.3%, and earnings per share down 1.2%. Mobile service revenue including international revenue grew 2.9% in the fourth quarter. We note that the third-quarter 2.6% growth in the previous quarter was M1’s first year-on-year quarterly increase since fourth-quarter 2014 so this result confirmed the turnaround seen last quarter. We increase our fair value estimate to SGD 1....
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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