Reckon Fair Value Estimate Cut 25% on Growing Competitive Threats
We have cut our fair value estimate for no-moat-rated Reckon by 25% to AUD 1.30 per share due to more conservative long-term earnings growth forecasts. Our near-term earnings forecasts are largely unchanged aside from a reduction in the tax rate to 25% from 27% to better reflect the rising proportion of overseas-sourced earnings. The principal valuation impact comes from the assumption that software development costs are a long-term recurring expense rather than a short- to medium-term capital i...Reckon is organized into three reporting and operational segments: Practice Management, consisting of practice management, tax, client accounting and related software under the APS brand, Elite and Docs business accounting software solutions, and nQueue software solutions; Document Management, consisting of Virtual Cabinet and SmartVault secure cloud based online document management processes; and Business, consisting of Reckon One cloud based accounting software, Reckon Accounts Hosted online accounting software products, as well as Reckon Accounts, including Reckon BankData, a bank feed solution, and Reckon GovConnect, a SRP-enabled solution for lodging reports to the government agencies.
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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