Mixed Deal Flow and Modest GTV Growth Pressures RBA’s Profitability in 1Q; Shares Remain Overvalued
Ritchie Brothers’ stock declined approximately 5% after first-quarter earnings of $0.17 missed consensus estimates of $0.22. Gross transaction volume (GTV) was up 3% on a constant currency basis from the first quarter of 2018, which is below our annual estimate of 4.5%. Given its wide geographic exposure and lumpy nature of deals with seller price guarantees, we are not overly concerned with the EPS miss. We continue to be very impressed with the company’s implementation of machine-learning-base...Ritchie Bros. Auctioneers sells industrial equipment and other assets for the construction, agricultural, transportation, energy, mining, forestry, material handling, marine and real estate industries at its unreserved auctions and online marketplaces. The auction items are sold during live on site auctions without a minimum or reserve price. Through EquipmentOne (Co.'s online marketplace), equipment sellers are able to list their equipment on the online marketplace, receive and accept offers, and complete and settle their sale. Co.'s other services include Private Treaty, in which Co. acts as a private sales agent and conduct negotiated sales of equipment items between buyers and sellers.
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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