Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
MYOB GROUP LIMITED (AU), a company active in the Software industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date April 5, 2019, the closing price was AUD ...
We recommend MYOB shareholders vote against the KKR acquisition at the Scheme meeting on April 17, 2019. Although the offer has been recommended by MYOB’s board of directors and the independent expert, Grant Samuel, we think the AUD 3.40 per share offer price is too far below our stand-alone fair value estimate of AUD 3.94 to justify recommending. We were comfortable with the original offer price, of AUD 3.70 made last October, and the revised offer, of AUD 3.77 last November. KKR’s decisio...
We recommend MYOB shareholders vote against the KKR acquisition at the Scheme meeting on April 17, 2019. Although the offer has been recommended by MYOB’s board of directors and the independent expert, Grant Samuel, we think the AUD 3.40 per share offer price is too far below our stand-alone fair value estimate of AUD 3.94 to justify recommending. We were comfortable with the original offer price, of AUD 3.70 made last October, and the revised offer, of AUD 3.77 last November. KKR’s decisio...
We recommend MYOB shareholders vote against the KKR acquisition at the Scheme meeting on April 17, 2019. Although the offer has been recommended by MYOB’s board of directors and the independent expert, Grant Samuel, we think the AUD 3.40 per share offer price is too far below our stand-alone fair value estimate of AUD 3.94 to justify recommending. We were comfortable with the original offer price, of AUD 3.70 made last October, and the revised offer, of AUD 3.77 last November. KKR’s decision...
We don’t expect U.S.-based hedge fund Manikay Partners to derail KKR’s takeover of narrow-moat-rated MYOB. We have maintained our fair value estimate at KKR’s AUD 3.40 per share offer price and continue to believe the shares are fairly valued. We think the risk of the offer collapsing is low but greater than the chance of an alternative higher offer. Considering the AUD 3.39 market price is already at the offer price, MYOB shareholders can avoid the opportunity cost of waiting for the offe...
We don’t expect U.S.-based hedge fund Manikay Partners to derail KKR’s takeover of narrow-moat-rated MYOB. We have maintained our fair value estimate at KKR’s AUD 3.40 per share offer price and continue to believe the shares are fairly valued. We think the risk of the offer collapsing is low but greater than the chance of an alternative higher offer. Considering the AUD 3.39 market price is already at the offer price, MYOB shareholders can avoid the opportunity cost of waiting for the offe...
We don’t expect U.S.-based hedge fund Manikay Partners to derail KKR’s takeover of narrow-moat-rated MYOB. We have maintained our fair value estimate at KKR’s AUD 3.40 per share offer price and continue to believe the shares are fairly valued. We think the risk of the offer collapsing is low but greater than the chance of an alternative higher offer. Considering the AUD 3.39 market price is already at the offer price, MYOB shareholders can avoid the opportunity cost of waiting for the offe...
Narrow-moat rated MYOB’s 2018 financial result was in line with our expectations but overshadowed by KKR’s likely acquisition of the company. Group EBITDA was within 1% of our forecast, implying no growth on the prior year, although group revenue growth of 7% was respectable and sustainable. Weak profit growth is consistent with management’s long-held plan to transition the company to cloud based products via its Connected Practice strategy. This involves reinvesting profits into the cloud...
Narrow-moat rated MYOB’s 2018 financial result was in line with our expectations but overshadowed by KKR’s likely acquisition of the company. Group EBITDA was within 1% of our forecast, implying no growth on the prior year, although group revenue growth of 7% was respectable and sustainable. Weak profit growth is consistent with management’s long-held plan to transition the company to cloud based products via its Connected Practice strategy. This involves reinvesting profits into the cloud...
Narrow-moat rated MYOB’s 2018 financial result was in line with our expectations but overshadowed by KKR’s likely acquisition of the company. Group EBITDA was within 1% of our forecast, implying no growth on the prior year, although group revenue growth of 7% was respectable and sustainable. Weak profit growth is consistent with management’s long-held plan to transition the company to cloud based products via its Connected Practice strategy. This involves reinvesting profits into the cloud...
We expect KKR’s takeover offer for narrow-moat-rated MYOB to succeed following the board’s decision to recommend the offer to shareholders. We have reduced our fair value estimate to the AUD 3.40 per share offer price as shareholders are now unlikely to be able to realise the stand-alone AUD 3.94 fair value. Although the KKR offer permits MYOB to seek superior offers until Feb. 22, 2019, we think it’s unlikely an alternative offer will emerge as KKR’s 19.9% shareholding complicates matte...
We expect KKR’s takeover offer for narrow-moat-rated MYOB to succeed following the board’s decision to recommend the offer to shareholders. We have reduced our fair value estimate to the AUD 3.40 per share offer price as shareholders are now unlikely to be able to realise the stand-alone AUD 3.94 fair value. Although the KKR offer permits MYOB to seek superior offers until Feb. 22, 2019, we think it’s unlikely an alternative offer will emerge as KKR’s 19.9% shareholding complicates matte...
We expect MYOB to benefit from the transition from desktop to cloud-based accounting software products during the next decade. The company is the largest provider of accounting software to small and midsize enterprises, or SMEs, in Australia and New Zealand, with about 1.2 million users, representing 48% of the addressable market. However, about 600,000 customers have perpetual licences and pay no fees to MYOB, so transitioning these customers to cloud products will drive revenue and earnings gr...
We expect KKR’s takeover offer for narrow-moat-rated MYOB to succeed following the board’s decision to recommend the offer to shareholders. We have reduced our fair value estimate to the AUD 3.40 per share offer price as shareholders are now unlikely to be able to realise the stand-alone AUD 3.94 fair value. Although the KKR offer permits MYOB to seek superior offers until Feb. 22, 2019, we think it’s unlikely an alternative offer will emerge as KKR’s 19.9% shareholding complicates matte...
We revert to our pre-offer fair value estimate for MYOB following KKR's revised bid for the accounting software firm. Presumably, KKR sees value beyond their lowered bid price of AUD 3.40. We certainly do. Our pre-offer estimate for the firm was AUD 3.82, and when factoring in the effect of time value of money, we increase our fair value estimate to AUD 3.94 per share. MYOB is a high-quality company, with a narrow economic moat sourced from customer switching costs. And with a share of around 65...
We revert to our pre-offer fair value estimate for MYOB following KKR's revised bid for the accounting software firm. Presumably, KKR sees value beyond their lowered bid price of AUD 3.40. We certainly do. Our pre-offer estimate for the firm was AUD 3.82, and when factoring in the effect of time value of money, we increase our fair value estimate to AUD 3.94 per share. MYOB is a high-quality company, with a narrow economic moat sourced from customer switching costs. And with a share of around 65...
We are placing narrow-moat-rated MYOB under review following KKR's revised bid for the accounting software firm. KKR, which already has a stake of nearly 20% in MYOB, offered AUD 3.77 per share in November 2018 to acquire the remainder of the company. Following due diligence, KKR dropped its offer price to AUD 3.40 per share. At this stage, management has declined to recommend the proposal. We think there is a now risk of the deal falling over completely. This view is shared by the market, demon...
We are placing narrow-moat-rated MYOB under review following KKR's revised bid for the accounting software firm. KKR, which already has a stake of nearly 20% in MYOB, offered AUD 3.77 per share in November 2018 to acquire the remainder of the company. Following due diligence, KKR dropped its offer price to AUD 3.40 per share. At this stage, management has declined to recommend the proposal. We think there is a now risk of the deal falling over completely. This view is shared by the market, demon...
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