Mind Your Own Backtrack. KKR Pulls Back Bid for MYOB and We Revert to Our Standalone FVE of AUD 3.94
We revert to our pre-offer fair value estimate for MYOB following KKR's revised bid for the accounting software firm. Presumably, KKR sees value beyond their lowered bid price of AUD 3.40. We certainly do. Our pre-offer estimate for the firm was AUD 3.82, and when factoring in the effect of time value of money, we increase our fair value estimate to AUD 3.94 per share. MYOB is a high-quality company, with a narrow economic moat sourced from customer switching costs. And with a share of around 65...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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