Transfer of Analyst Coverage; Fair Value Estimate and Forecasts Unchanged
We are transferring coverage of Transurban. At this stage, we reaffirm our current forecasts, our DCF-based fair value estimate of AUD 11.20 per security, and our wide moat and medium uncertainty ratings. At the current security price, Transurban trades broadly in line with our fair value estimate. Security prices of yield stocks such as Transurban will likely come under pressure in an environment of rising bond yields, increasing the importance of fair value estimates that reflect long-term int...Transurban Group is engaged in the development, financing, operation and maintenance of toll road networks as well as management of the associated customer and client relationships. Co. manages and develops urban toll road networks in Australia and the U.S. Co. owns concession assets across four key market segments: Victoria, New South Wales, Queensland and the Greater Washington Area.
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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