Mainfreight Reports In-Line First-Half 2017; Fair Value Estimate Maintained
Interim fiscal 2017 earnings were in line with guidance and we retain our NZD 17 fair value estimate for no-moat-rated Mainfreight. Underlying NPAT of NZD 42 million was up 28% on the prior period. Revenue growth of 4% in constant currency terms was well short of EBITDA growth of 22%, highlighting the degree of operating leverage in the business. Declining international ocean freight rates impacted revenue by an estimated NZD 27 million, but international trade volumes were up, with airfreight v...Mainfreight is engaged in the global supply chain logistics. As of Mar 31 2015, Co. had business operating in 242 branches in 20 countries around the world. Co. operates in the domestic supply chain (moving and storing freight within countries) and air and ocean freight industries (moving freight between countries). New Zealand, Australia, The Americas and Europe are each reported to management as one segment as the businesses there perform both domestic and air and ocean services.
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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