A Line in the Sand Established for Sigma's Sustainable Earnings Base
We cut our fair value estimate for Sigma by 3% to AUD 0.68 per share, reflecting marginal downgrades to our outer-year earnings forecasts. This follows the outcome of the narrow-moat group's business review, which projects a 10%-plus EBITDA CAGR from fiscal 2021 to 2023. This is a touch shy of our previous expectations but not alarmingly so.The lack of details on how management plans to extract AUD 100 million of cost efficiencies (from an operating cost base of around AUD 290 million) over the...
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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