Reckon in the Crosshairs Following Weak First-Half Result
We have cut our fair value estimate for Reckon by 8% to AUD 1.20 per share following a weaker-than-expected first-half result. Underlying EPS fell 16% versus the prior comparable period, whereas we previously assumed a 4% fall for the full year to December 2017. Our revised forecasts assume EPS will fall 13% in 2017 before rebounding in 2018, largely due to lower amortisation. The 2018 fair-value-implied price/earnings ratio of 11 reflects our forecast for short-term EPS weakness.We still belie...
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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