Netwealth continues to grow platform market share, but fee pressure persists
We increase our fair value estimate for Netwealth by 6% to AUD 5.30 following its fourth-quarter update and pre-release of its fiscal 2018 result. Higher-than-expected growth in funds under management, or FUM, which has a flow-on effect on our revenue forecasts, drives the increase in our valuation. However, at the current market price of AUD 9.13, we still believe the stock is overvalued. Our long-term investment thesis is intact. While we still expect strong growth in funds under management an...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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