New Products Bode Well for Margin Improvement; Maintaining FVE for ResMed
We maintain our fair value estimate for narrow moat-rated ResMed at USD 77 per share, following a solid start to fiscal 2017, which implies the stock is undervalued at current levels. This equates to AUD 10.50 per CDI, based on Australian dollar/U.S. dollar exchange rate of 0.74. ResMed reported first-quarter fiscal 2017 adjusted net income of USD 87.7 million, on group revenue of USD 465.5 million. This was up 8% and 13%, respectively, on previous corresponding period, or pcp, on a like-for-lik...ResMed is a holding company. Through its operating subsidiaries, the company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software solutions that diagnose, treat and manage respiratory disorders including sleep disordered breathing, chronic obstructive pulmonary disease, neuromuscular disease and other chronic diseases. The company has two operating segments: Sleep and Respiratory Care and Software-as-a-Solutions. The company's portfolio of products includes devices, diagnostic products, mask systems, headgear and other accessories, dental devices, portable oxygen concentrators and cloud-based software informatics solutions.
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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