Xero Passes the Tipping Point; FVE Increased 10% to NZD 23
Narrow-moat-rated Xero reported a strong fiscal 2017 result that was slightly better than we expected. We have increased our fair value estimate by 10% to NZD 23, with around half of the increase caused by the time value of money impact on our financial model, and the remainder stemming from improved earnings forecasts. Key changes include an increase in our annual subscriber forecasts, by around 7% on average over the next four years, following stronger-than-expected second-half growth rates. T...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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