MyState Continues to Face Challenging Operating Conditions
Our neutral view on Tasmania-based no-moat-rated MyState is unchanged following our post-result management update. We reaffirm our AUD 5 fair value estimate and fiscal 2019 cash earnings forecast of AUD 33 million. Our fair value estimate implies a fiscal 2019 price/earnings ratio of 14 times and an attractive fully franked dividend yield of 5.8%, or 8.3% on a grossed-up basis. Our earnings outlook is intact, with average annual EPS growth forecast to be 4% over the five-year forecast period. At...MyState is a provider of banking, trustee and wealth management products and services through its wholly-owned subsidiaries MyState Bank Limited and Tasmanian Perpetual Trustees Limited. The banking division's product offerings include lending, encompassing home loans, personal, overdraft, line of credit and commercial products; transactional savings accounts and fixed term deposits; and insurance products. The wealth management division is a provider of funds management, financial planning and trustee services. It operates predominantly within Tasmania. As of June 30 2016, Co. had total assets of A$4.42 billion and total deposits of A$3.26 billion.
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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