Market Focused on Near-Term Headwinds, but We Like Long-Term Picture for Welltower
Welltower currently trades at roughly a 25% discount to our $74 fair value estimate. We believe the company has no moat but does benefit from exemplary stewardship. We think that the shares have traded down over the past six months on issues that are short term in nature and already baked into our estimates. Longer term, we believe the top healthcare real estate stands to disproportionately benefit from the Affordable Care Act, as there is an increased focus on higher-quality care in lower-cost ...Welltower is a real estate investment trust. The company's segments are: Seniors Housing Operating, which includes seniors apartments, independent living and independent supportive living, continuing care retirement communities, Alzheimer's/dementia care, and care homes with or without nursing; Triple-net, which includes independent living and independent supportive living, continuing care retirement communities, Alzheimer's/dementia care and care homes with or without nursing, as well as long-term/post-acute care; and Outpatient Medical, which consists of outpatient medical buildings including physician offices, ambulatory surgery centers, diagnostic facilities, outpatient services and/or labs.
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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