Netwealth Remains Expensive Despite Strong Third-Quarter Funds Growth
Netwealth’s quarterly result was broadly in line with our forecast for AUD 27 billion in FUMA by fiscal year-end, which implies a 30% increase on the prior year. We continue to expect Netwealth to experience fee compression, due its lack of an economic moat and a gradual slowing in FUMA growth over the next decade. However, operating leverage should enable strong EPS growth, and we forecast a relatively strong EPS CAGR of 15% over the next decade. We have maintained our fair value estimate at AU...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.
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