Market Overreacts to Technology One Profit Downgrade
We have maintained our fair value estimate for narrow-moat Technology One at AUD 5.20 per share following management guidance that fiscal 2017 statutory net profit after tax, or NPAT, growth will be between 7% and 9%, rather than 10%-15% as previously guided. The stock has had an almost faultless decade, resulting in a premium market multiple, and we’re not surprised by today’s reaction. However, we believe the market overreacted to the announcement, with the share price falling over 12% and the...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.
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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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