Initiating on Netwealth with a AUD 5.00 FVE and a No-Moat Rating
We are initiating coverage of Netwealth Group Limited with a AUD 5.00 fair value estimate, a no-moat rating, and a high fair value uncertainty rating. Netwealth provides investment administration software as a service, or SaaS, in Australia via its proprietary platform. We expect the company to continue to quickly grow funds under advice, or FUA, on its platform and increase its market share to 5% from around 2% over the next decade. However, Netwealth has numerous competitors with similar offer...New Tel Limited. Develops and sells mobile data communications products and advanced engine enhancement componentry which included the Transcom Natural Gas Vehicle System (NGVS) and Sprintex Supercharger products. Telecommunications accounted for 93% of fis 2001 revs; Vehicle Engine Systems, 7%.
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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