Reckon is grappling with increasing competition in the accounting software sector.
We have adjusted our financial model for no-moat-rated Reckon to remove its Document Management division which is in the process of being divested. However, we maintain our fair value estimate at AUD 1.30 per share as the negative impact of the divestment, worth around AUD 0.10 per share or 7%, is offset by a combination of the positive time value of money and rounding. The Document Management division has been renamed GetBusy Plc and is expected to list on the Alternative Investment Market, or ...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.
We have operations in 27 countries.
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