A sticky client base and track record of innovation underpin Technology One's narrow moat.
We maintain our fair value estimate for Technology One at AUD 4.00 per share ahead of the full-year result on Nov. 22. At the current market price of AUD 6.00, the fiscal 2017 price/earnings ratio is 39, and we still believe the shares are overvalued, trading at a 50% premium to our valuation. We expect the price/fair value premium to narrow as EPS growth fails to meet lofty market implied expectations. However, we maintain our narrow economic moat rating, underpinned by a customer retention rat...Technology One is engaged in the development, marketing, sales, implementation and support of enterprise business software solutions. Co.'s segments are: Sales and Marketing, which is involved in the sales of license fees and customer support; Consulting, which is involved in the implementation, consulting services and custom software development services for large scale, purpose built applications; Research & Development, which is involved in research development and support; Cloud, which is involved in the delivery of cloud hosting services; and Corporate, which is involved in the aggregation of the corporate services functions' costs and revenue, and corporately-funded projects.
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.
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