Premier Disappoints Slightly. Fair Value Unchanged at AUD 14.00
No-moat-rated Premier Investments reported fiscal 2016 underlying earnings of AUD 103.8 million or AUD 66.0 cents per share, up 18% on the prior year. Margins were in line with expectation (EBITDA margin of 14.3% and EBIT margin of 12.0%) though the underlying result was marginally below forecast due to slightly higher-than-anticipated average tax rate and average borrowing cost. Our forecasts are largely unchanged following the result. We forecast fiscal 2017 underlying earnings of AUD 122 mill...Premier Investments is engaged in operation of several retail fashion chains within the specialty retail fashion markets in Australia, New Zealand, Singapore, the U.K., as well as Malaysia and Hong Kong. Co. also has investments in listed securities and money market deposits. Co.'s operating segments include the retail segment, which represents several specialty retail fashion chains; and the investments segment, which represents investments in securities for both long-term and short-term gains and dividend income and interest.
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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