Lifting Spotless’ FVE To AUD 1.20 Following Release of Target Statement
We lift narrow moat-rated Spotless’ fair value estimate by 4% to AUD 1.20, following the release of Spotless’ target statement. We maintain our fiscal 2017 underlying net profit after tax, or NPAT, forecast at AUD 88 million, versus management guidance of AUD 80-90 million, but we lift our fiscal 2018 NPAT forecast by 6% to AUD 92 million, reflecting newly released earnings guidance of AUD 85-100 million. Management announced improved contract wins as contributing to 2018 earnings guidance and a...Spotless Group Holdings is engaged in the provision of outsourced facility services, laundry and linen services, technical and engineering services, maintenance and asset management services and refrigeration solutions to various industries in Australia and New Zealand. Co.'s operating segments comprised of: Facility Services, which provides multi-faceted facilities management, cleaning, and catering and food services to a range of industries across Australia and New Zealand; and Laundry Services, which provides linen and uniform laundry services to a range of customers across Australia and New Zealand.
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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