Technology One Remains Undervalued Despite Cloud Growth Potential
We continue to believe narrow moat-rated Technology One shares are undervalued and have increased our fair value estimate by 3% to AUD 5.95 to reflect the time-value-of-money impact on our financial model. At fair value, we expect stocks to generate a fair risk-adjusted annual return equal to the cost of equity--9.0% in Technology One’s case. The Technology One share price has made little progress over the past three years, falling 17% versus the 5% increase in the S&P/ASX 200 index. However...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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