Ritchie Bros.' new management team and a focus on improving ROICs should benefit shareholders.
Following second-quarter results, we reiterate wide-moat Ritchie Bros’ $29 fair value estimate while reducing our valuation of its Canadian shares to CAD 38 from CAD 40 to reflect exchange rate fluctuations since our last update. Although an abrupt slowdown in quarter-end sales and bloated costs caused a disappointing second quarter, early third-quarter trends have been better, with gross auction proceeds trending 8% higher than the prior-year period. We remain confident in Ritchie Bros’ long-te...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.
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