Xero Continues to Grow Quickly but Remains Overvalued
Narrow moat-rated Xero continued to generate strong subscriber and revenue growth in the first half of fiscal 2018; however, the result was broadly in line with our expectations and we maintain our earnings forecasts. We have increased our fair value estimate by 4% to NZD 24.00 per share to reflect the time value of money impact on our financial model, but at the current share price of NZD 33.45, we continue to believe the shares are overvalued.At the current share price, Xero’s market capitali...
Xero is engaged in the provision of a platform for online accounting and business services to small businesses.
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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