Initiating On Programmed Maintenance With AUD 1.60 FVE; Pivoting Towards Staffing, Shares Overvalued
We initiate coverage of Programmed Maintenance Services with a AUD 1.60 DCF-based fair value estimate, a no-moat rating, a very high uncertainty rating, and Standard stewardship. Programmed Maintenance is Australia’s largest staffing solutions provider with an estimated 7% share of the domestic market and is positioned at the centre of the trend towards labour outsourcing. It also undertakes facilities management and maintenance services (57% of group earnings compared with 43% for staffing), wh...
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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