Verifone Reports a Small Loss in Its First Quarter; We See a Difficult Road Ahead
No-moat Verifone lost $0.15 per share in the first quarter of fiscal 2017, producing $44.7 million in operating cash flow offset by $19.5 million in capital expenditures. We think the company’s attempt to transform itself into a provider of services in addition to hardware (a razor/blade model) is sound, but that the transition will be difficult, given the changes occurring at the point-of-sale. We are maintaining our $15 per share fair value estimate.ÂNotably, the change in strategy itself is...
VeriFone Systems is a holding company. Through its subsidiaries, the company provides payments and commerce solutions at the point of sale (POS). The company is engaged in designing, manufacturing, marketing and supplying a range of payment solutions and complementary services. The company's system solutions consist of POS electronic payment devices that run its operating systems, security and encryption software, and certified payment software, and that are designed to suit its clients' needs in a range of environments, including multilane and countertop implementations, self-service and unattended environments, in-vehicle and portable deployments, mobile point-of-sale solutions, as well as iPOS solutions.
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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