KKR Offers a Fair Price for MYOB but Little Reason to Sell Just Yet
We aren’t particularly surprised by KKR’s AUD 3.70 per share takeover bid for narrow-moat-rated MYOB as the stock has traded significantly below our AUD 3.82 fair value estimate for around a year, which justified inclusion on our Best Ideas list. KKR already holds 19.9% of MYOB’s shares following purchases both on market and of a 17.6% stake from Bain Capital for AUD 3.15 per share. Bain has retained a 6.1% stake in MYOB, presumably to prevent KKR’s stake from reaching 20.0% just yet, which woul...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.
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