Tyler Technologies: Helping Federal, State, and Local Governments Run More Efficiently
We are initiating coverage of Tyler Technologies with a wide moat rating, stable moat trend rating, and a $247 fair value estimate, and we view the shares as modestly undervalued today. We see Tyler as the clear leader in a slow-moving and underserved niche market of government operational software. We believe there is a decadelong runway for 10%-plus revenue growth at Tyler, given the need to modernize local governments’ legacy enterprise resource planning systems and the firm's strong position...Tyler Technologies provides information management solutions and services for the public sector. The company has two segments: Enterprise Software, which provides public sector entities with software systems and services to meet their information technology and automation needs for back-office functions such as financial management and education, courts and justice, planning, regulatory and maintenance, data and insights and case management and business management processes; and Appraisal and Tax, which provides systems and software that automate the appraisal and assessment of real and personal property as well as property appraisal outsourcing services for governments and taxing authorities.
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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