Legal risk Lowered, Uncertainty Still High; Maintaining FVE for Narrow-Moat Sigma Healthcare
We are maintaining our AUD 0.95 per share fair value estimate for Sigma Healthcare after the company and major customer, My Chemist/Chemist Warehouse, or MC/CW, opted for an out-of-court negotiation to resolve the matter of MC/CW’s breach of the current supply agreement. We think this is a move in the right direction, and positive in terms of lowering legal risk. Nonetheless, uncertainty surrounding the terms of trade over the medium and longer term between the two parties remains high. At curre...Sigma Healthcare is a pharmaceutical wholesale and distribution business in Australia, delivering to pharmacies Australia wide.Co.'s pharmacy-led network includes over 700 retail brand members representing the brands Amcal, Guardian, PharmaSave, Chemist King and Discount Drugstores. Co. also manages and promotes a range of Over the Counter private label products made available to brand member customers, as well as a generic range of private label products under the Pharmacy Care range. In addition, Co., through its subsidiary, Central Healthcare Services, has a presence in the hospital pharmaceutical distribution market.
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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