Maintenance to Drive Programmed’s Recovery in Fiscal 2018; Shares Fairly Valued
We maintain our AUD 1.60 fair value estimate for no-moat Programmed Maintenance after the company released fiscal 2017 results. The result was roughly 5% below our estimates, with the staffing division, which accounts for around 40% of earnings, experiencing lower margins in the second half due to lower demand for blue-collar personnel in the manufacturing, resources, and industrial sectors. Reflecting less optimism around a recovery in staffing conditions, we cut our fiscal 2018 and fiscal 2019...
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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