The emergence of cloud-based products offers earnings growth in an otherwise low-growth market.
Narrow-moat MYOB reported a good interim result that was slightly stronger than we expected. Management provided more detailed guidance for the full year, including revenue growth of 13%-15%, EBITDA margins of 45%-46%, and research and development costs of 13%-16% of revenue. Guidance is broadly in line with our forecasts prior to the result, although revenue guidance was above our previous 11% forecast. We were also pleasantly surprised by first-half organic revenue growth of 9%; the improvemen...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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