Xero Winning in U.K. but Remains Overvalued Following FVE Increase to AUD 24
Narrow-moat-rated Xero continues to deliver impressive subscriber growth, and its fiscal 2018 result partially exceeded our expectations. We have increased our fair value estimate by 9% to AUD 24 per share, which reflects a combination of rolling forward our financial model and higher subscriber growth forecasts for the U.K. business. However, at the current market price of AUD 39.89, the shares are materially overvalued, in our view. Although the reported net loss after tax of NZD 28 million ex...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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