Report
Gareth James
EUR 147.86 For Business Accounts Only

MYOB's Fair Value Maintained Following Greentree Acquisition

MYOB's acquisition of New Zealand-based enterprise resource planning, or ERP, software provider Greentree has no impact on our AUD 3.50 per share fair value estimate. At the current market price of AUD 3.77, and following the 35% rally since February, the shares are 8% above our fair value estimate and marginally overvalued. MYOB will pay NZD 28.5 million for Greentree, a small amount relative to MYOB's market capitalisation of AUD 2.2 billion. The acquisition is too small to impact our narrow e...
Underlying
MYOB Group

MYOB Group is engaged in development and publishing of software and the provision of services for small and medium enterprises, including accountants in public practice. Co.'s operating segments comprise of SME Solutions, which provides business management software and services to small and medium enterprises; Practice Solutions, which provides business software and services to accounting professionals in practice; and Enterprise Solutions, which provides enterprise resource planning and human resource management software and services to medium and large enterprises.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Gareth James

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