Value of Westfield’s U.K. Operations Pounded by Weaker Sterling. Fair Value Falls to AUD 10.10
The progression of Britain’s exit from the EU has precipitated a significant sell-off in the British pound against all major currencies. We don’t see a compelling catalyst for a recovery in the British pound and so opt to rebase our earnings forecasts and Westfield’s valuation to the prevailing currency cross rate. An Australian dollar currently buys British pound 0.6235, which represents a fall in the pound of 18.5% since the Brexit vote on 23 June. This is a decline of 10.1% since 30 June and ...Westfield is engaged in the ownership, development, design, construction, asset management, leasing and marketing activities with respect to its U.S. and U.K. portfolio. Co.'s operational segment comprises the property investment and the property and project management segments. Property investments segment includes activities related to existing shopping centres and completed developments. Property and project management segment includes property management and development for third parties.
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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