Report
Andrew Bischof, CFA
EUR 98.48 For Business Accounts Only

Regulatory environment still constructive despite Brexit uncertainty.

We are reaffirming our fair value estimate of GBX 1,550 per share ($20 per ADR share) along with our narrow economic moat and stable moat trend ratings after SSE disclosed its third-quarter trading report. Management reaffirmed that target fiscal 2016-17 adjusted earnings will be at least GBX 120 per share, in line with our estimates. We forecast a 70% dividend payout in 2016-17, consistent with our long-term expectations. Our long-term expectations for 2.5% dividend growth is above the recent R...
Underlying
Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Andrew Bischof, CFA

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