The emergence of cloud-based products offers earnings growth in an otherwise low-growth market.
We have increased our fair value estimate for MYOB Group by 3% to AUD 3.60 per share following the solid first-half result due to the time-value-of-money impact on our financial model. At the current market price of AUD 3.65, the shares are fairly valued. We attribute the 10% share price fall, which accompanied the result, to profit-taking following the 42% rally since February. We maintain our narrow economic moat rating which is based on strong customer switching costs, as evidenced by the inc...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.
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.
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