Technology One Remains Undervalued Despite Soft First-Half Result; FVE Cut to AUD 5.70
We have cut our fair value estimate for narrow-moat-rated Technology One by 5% to AUD 5.70 per share following a weaker-than-expected first-half result, with slightly lower revenue growth and margin assumptions driving the fair value impact. However, at the current market price of AUD 4.65 per share, we still believe the shares are undervalued. Our fair value estimate implies a fiscal 2019 price/earnings ratio of 30, and our financial model assumes an EPS CAGR of 15% over the next decade.The ma...
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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