Xero Continues to Grow Quickly but in Line With Expectations, Remains Overvalued
We have maintained our fair value estimate for narrow-moat rated Xero at AUD 25.50 following its first-half financial results that broadly met our expectations. We weren’t surprised that the company remains loss making, nor are we concerned that the reported loss per share increased by 50%. At this stage, Xero’s primary focus remains on reinvesting profits to maintain high subscriber growth rates, and profitability is a secondary concern. The first-half subscriber growth rate fell to 31.7% from ...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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