Reinstating our NZD 0.85 Intrinsic FVE for Tower After Competition Regulator Blocks Suncorp’s Bid
We bring our fair value estimate for no-moat and very high uncertainty-rated Tower Limited back to NZD 0.85 per share, our assessment of the insure's intrinsic value following the surprise rejection of Suncorp’s proposed takeover bid by the New Zealand competition regulator. Our previous fair value estimate of NZD 1.40 assumed Suncorp’s bid was successful. At current levels, Tower shares trade 12% above our intrinsic value.Our forecasts are unchanged and we continue to forecast no dividends are...
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.
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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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