MYOB Sensibly Swaps Short-Term Margin for Long-Term Growth
Narrow-moat-rated MYOB’s fiscal 2017 result was broadly in line with our expectations, and we maintain our fair value estimate at AUD 4.05 per share. At the current market price of AUD 3.37, we still believe the shares are undervalued. We maintain our forecast underlying EPS CAGR over the next decade of 9.5%, and our fair-value-based fiscal 2018 price/earnings ratio is 22. The market-based P/E of 18 looks cheap considering likely EPS growth, as does the unfranked fiscal 2018 dividend yield of 3....
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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