Morningstar | Elevated earnings from high coal prices and TPG/Vodafone merger optimism see shares overvalued.
Washington H. Soul Pattinson is a conservatively managed investment house. The corporate structure is complicated, with interests of less than 100% in a diversified group of companies providing exposure to coal mining, telecommunications, pharmaceuticals, building materials, and other listed and unlisted investments. An archaic cross-shareholding with Brickworks creates complications. As a holding company, Soul Pattinson does not have access to the operating cash flows of most underlying businesses, but receives dividends. The balance sheet is strong, allowing countercyclical investment and the ability to maintain dividends through the cycle. It is difficult to discern a clear investment style beyond a long-term, value focus, but the company's long-term performance is reasonable. A lack of investment in moaty assets means Soul Pattinson itself lacks an economic moat.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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