Report
Ravi Reddy
EUR 101.80 For Business Accounts Only

No Change to Tower’s NZD 0.85 Intrinsic FVE Following a Sound Trading Update.

We maintain our NZD 0.85 per share fair value estimate for no-moat-rated Tower Limited following the second-half fiscal 2017 trading update. Overall premium growth and claims costs were broadly in line with our expectations. We have made a modest increase to our near-term underlying NPAT forecasts on slightly better-than-expected management expense performance. At current levels, Tower shares are fairly priced.
Uncertainty remains surrounding the outcome of Suncorp Group’s appeal of the New Zeal...
Underlying
Tower Ltd.

Tower is engaged in the provision of general insurance. Co. and its subsidiaries primarily operate in New Zealand with some of its operations based in the Pacific Islands region. Co. and its subsidiaries' operating segments are New Zealand General Insurance and Pacific Genral Insurance. The New Zealand General Insurance segment comprised general insurance business written in New Zealnd. The Pacific Genral Insurance segment includes genral insurance business with customers in the Pacific Islands written by TOWER Insurance subsidiaries and branch operations.

Provider
Morningstar
Morningstar

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.

Analysts
Ravi Reddy

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