Swings and Roundabouts in an Interesting Mineral Resources Result; Fair Value Estimate Unchanged
We maintain our AUD 6 per share fair value estimate for Mineral Resources following the first-half fiscal 2017 result, which was largely as expected. We retain our no-moat rating based on the lack of a cost advantage. Our very high fair value uncertainty rating remains intact, based on commodity exposure and a challenging outlook. Mineral Resources is overvalued. The iron ore operations, representing about two thirds of EBITDA in the latest half, will likely contribute minimal earnings as prices...Mineral Resources is a provider of mining infrastructure services. These services consist of: site services, including remote mine-site accommodation services, remote power services, and aerodrome management or personnel transport; mining services, including mine scheduling and grade control, mining operations and mine site haulage, dewatering and equipment hire; plant or processing services, including crushing and mineral processing, mobile processing services, and pipeline and water solutions; transport services, including road and rail logistics, ownership of locomotives and wagons, and road transport solutions; port services, including port logistics; and commodity sales and marketing.
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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