Ceasing Coverage on Vector
We plan to cease coverage on no-moat-rated Vector Limited in August 2017. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest.Despite owning monopoly electricity and gas distribution assets, we believe Vector lacks an economic moat because of the regulatory cap on returns. The regulatory environment is tough, and will continue to make excess returns difficult to achieve. Nonetheless, the firm has secure earnings, a strong balance sheet, ...
Vector and its subsdiaries are primarily engaged in electricity distribution, gas transportation, natural gas and liquefied petroleum gas (LPG) sales, gas processing, metering and telecommunications in New Zealand. Co. reports on four operating segments: Electricity, which is engaged in electricity distribution services; Gas Transportation, which is engaged in gas transmission and distribution services; Gas Wholesale, which is engaged in natural gas and LPG sales, storage and processing, and cogeneration; as well as Technology, which is engaged in telecommunications and metering services. As of June 30 2015, Co. had 544,513 electricity customers and 163,243 distribution 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.
We have operations in 27 countries.
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