Market Hanging Up on Telstra but We Maintain Connection
We remain positive on Telstra, with shares trading at a 22% discount to our unchanged AUD 6.00 fair value estimate.Adjusted for the interim dividend, Telstra's stock price has fallen 6.8% since the first-half result on Feb. 16. Investors are clearly unimpressed with the poor fiscal 2017 first-half result, with group EBITDA down 1.6%, competitive pressure felt across all core units, and EBITDA-to-cash flow conversion deteriorating from 88% a year ago to 78%, adding to the result's low quality.
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Telstra is engaged in providing telecommunications and information services for domestic and international customers. Co.'s operating segments are Telstra Retail, Global Enterprise and Services, Telstra Operations, and Telstra Wholesale. As of June 30 2016, Co. provided retail fixed data services to 3.4 million customers, retail fixed voice services to 5.7 million and domestic retail mobile services to 17.2 million customers.
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.
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