Ritchie Bros Shows Strong Third-Quarter Results; IronPlanet Acquisition Remains On Track
We reiterate wide moat-rated Ritchie Bros $31 and CAD 41 fair value estimates following strong third-quarter earnings results. Gross auction proceeds grew 12% year-over-year to $989 million, an all-time third-quarter record. The company continues to have excellent performance on its underwritten business which allowed the revenue rate, revenue as a percent of GAP, to grow 68 basis points to 12.90% as the company does a better job on small underwritten lots.Reflecting the strong revenue rate an...
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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