Sigma Delivers Interim as Expected and Unveils Modest MPS Acquisition
We reiterate our AUD 0.95 fair value estimate for narrow moat Sigma Healthcare after the company reported interim results in line with expectations given the recent trading update in August. The result was characterized by the impact of both the pull back of Hepatitis C sales and softer consumer spend during the period. We assume the ongoing stoush with major customer, My Chemist/Chemist Warehouse, or MC/CW, also added to softer sales in the period. Nonetheless, we remain positive on resolution ...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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