NBN Co. Disconnects Telstra's Securitisation Plan
The National Broadband Network, or NBN, Co. has put paid to narrow-moat-rated Telstra's plans to partially monetise the recurring NBN receipts. While this development does not change our AUD 4.60 fair value estimate on Telstra, there are two implications.First, it eliminates the quid pro quo to shareholders for the 29% cut to Telstra's projected dividends from fiscal 2018, announced on Aug. 17. Partial securitisation of the recurring NBN receipts was meant to liberate over AUD 5 billion, with A...
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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