Enthusiasm for Coal and TPG Merger Waning but Shares Still Overvalued
Soul Pattinson shares have declined about 20% from recent highs of almost AUD 32 per share in November 2018 but they remain overvalued. Both New Hope and TPG Telecom are trading somewhat above our fair value estimates. However, the overvaluation primarily reflects Soul Pattinson’s market premium relative to the sum of the parts of the underlying assets. We think the premium reflects a view that management can reliably create market beating returns. This is supported by the firm’s strong track re...Washington H. Soul Pattinson and Company is engaged in the ownership of shares; coal mining; gold and copper mining and refining; property investment; and consulting. Co.'s operating segments are: Investing activities, which invests in cash, term deposits, and equity investments; Energy, which engages in coal, oil and gas activities; Copper and Gold operations, which engages in copper and gold mining activities which includes exploration, mining and processing of ore into copper concentrate, copper sulphide and gold; Corporate advisory, which provides corporate advisory services; as well as Property, which engages in property investment activities.
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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