Report
Brian Han
EUR 100.00 For Business Accounts Only

AGL's Turn to Size Up Vocus and Enter the Data Fun House

We lift our fair value estimate on Vocus by 32% to AUD 3.95 per share. This has been derived by assigning a 50% probability to AGL Energy's AUD 4.85 per share indicative proposal succeeding, 50% probability that it does not, and Vocus' stock price reverting to our AUD 3.00 stand-alone intrinsic assessment.
We admit this change is likely to be met with apathy. After all, we are only recently guilty of performing a fair value flip-flop in response to EQT Infrastructure's quick AUD 5.25 per share "...
Underlying
Vocus Group Limited

Vocus Group is a telecommunications provider, providing telecommunications and other services to customers across Australia and New Zealand.

Provider
Morningstar
Morningstar

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.

Analysts
Brian Han

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