Xero Offers Value Ahead of Interim Result
We view Xero as undervalued, currently trading around NZD 17.50 and a 17% discount to our unchanged NZD 21.00 fair value estimate. We expect the price/fair value discount to narrow as the company announces financial results on 3 November and approaches profitability. We forecast a maiden underlying profit after tax of NZD 63 million in fiscal 2020. The firm's narrow economic moat rating is based on the reluctance of accounting software users to change provider, also known as switching costs.We ...
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.
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