Programmed FVE Lifted to AUD 3.02 On Persol Takeover Proposal, Ceasing Coverage in August 2017
We lift our fair value estimate for no-moat-rated Programmed Maintenance Services to AUD 3.02 per share, in line with the all-cash proposal made by Persol Group. The shares are currently trading in line with our revised fair value estimate. We expect the takeover to proceed, as the scheme is not subject to any financing or due diligence conditions, and offers compelling value to Programmed shareholders. Implementation of the scheme is subject to regulatory approval, although we don’t envisage th...
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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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