Heightened Long-Term Earnings Uncertainty for Vocus Drives FVE Slump
We have cut our fair value estimate for narrow-moat-rated Vocus by 38% to AUD 3.00. The capitulation is due to two developments that have punctured our previous rosy view of the group's long-term earnings power.First, the AUD 1.5 billion impairment of goodwill on the balance sheet testifies to the excessive optimism with which Vocus has pursued acquisitions in recent years, and is a belated recognition of its reduced earnings potential in light of rising competition. The current transformation ...
Vocus Group is a telecommunications provider, providing telecommunications and other services to customers across Australia and New Zealand.
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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