Sigma Healthcare Trims Full-Year Guidance Ahead of Interim Results; Maintaining FVE
We maintain our fair value estimate for narrow-moat Sigma at AUD 0.95 per share after management issued subdued guidance for fiscal 2018 EBIT of around AUD 90 million, versus our forecast EBIT of AUD 95 million. According to Sigma, this follows a challenging trading environment in the second quarter and compares with earlier guidance of a declining 5% on fiscal 2017 underlying EBIT of AUD 100 million, equating to around AUD 95 million in fiscal 2018, albeit with earnings skewed more heavily towa...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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