Long-Term Outlook Unchanged Despite Weak Trading Update; Virtus Remains Undervalued
We maintain our AUD 7.50 fair value estimate for no-moat Virtus following management’s trading update, which flagged a weak first-quarter performance in the Australian business. The 5.9% decline in cycles this quarter compares with an overall market decline of 3.5%, but, in our opinion, isn’t alarming given Virtus’ outsize exposure to the New South Wales market which at an industry level declined by 6.1%. (Fresh IVF volumes for Virtus’ other key states of Queensland and Victoria were down 9% and...Virtus Health is a global healthcare company engaged in the provision of healthcare services which included fertility services, medical day procedure services and medical diagnostic services. As an Assisted Reproductive Services provider in Australia and Ireland with a presence in Singapore, Co. provides patients with access to some of the clinical and scientific capabilities in fertility treatment as well as assisted reproductive technologies.
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.
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