Vocus' Data Fun House Spooks Another Suitor
We restore our fair value estimate for Vocus to our previous AUD 3.00 per share on a stand-alone basis, prior to the recent takeover hysteria. The shock of a fourth bidder for the group withdrawing its interest will linger for some time. Indeed, it is unlikely Vocus' stock price premium to our stand-alone intrinsic assessment will ever reclaim even the 30%-heights before the recent Indicative Proposals were unveiled.To begin with, Vocus' data room has lived up to the Kinder Surprise "fun house"...
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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