Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We 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 more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 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, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

Our AUD 6.00 fair value estimate is unchanged. Nufarm shares have largely held on to the strong 40% price gains from AUD 6.30 February 2016 lows, and at AUD 8.80 we think remain materially overvalued.We think the market is pricing in potential for a takeover bid while our fair value is necessarily on a stand-alone basis. Nufarm's potential longer-term worth to a corporate/sovereign buyer wanting a safe beachhead in close proximity to end markets, could see its shares continue to trade higher than our fair value for an extended period. Even if Nufarm itself doesn’t become prey, required third-party divestments as deals progress could present opportunities.Analyst: Mark Taylor

Our AUD 6.00 fair value estimate is unchanged. Nufarm shares have largely held on to the strong 40% price gains from AUD 6.30 February 2016 lows, and at AUD 8.80 we think remain materially overvalued.We think the market is pricing in potential for a takeover bid while our fair value is necessarily on a stand-alone basis. Nufarm's potential longer-term worth to a corporate/sovereign buyer wanting a safe beachhead in close proximity to end markets, could see its shares continue to trade higher than our fair value for an extended period. Even if Nufarm itself doesn’t become prey, required third-party divestments as deals progress could present opportunities.Analyst: Mark Taylor

Our AUD 6.00 Nufarm Fair Value Estimate Stands Despite Share Price Strength

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Event-Driven

The African Centre for Biodiversity (ACB), a Johannesburg-based non-profit organization promoting food sovereignty and campaigning against corporate control of Africa’s food resources, is going to file comments against the ongoing agrochemical mergers with the Competition Commission of South Africa, and will ask the regulator to review the approval of the Syngenta/ChemChina deal, Mariam Mayet, the center’s founder and director, told CTFN.

The African Centre for Biodiversity (ACB), a Johannesburg-based non-profit organization promoting food sovereignty and campaigning against corporate control of Africa’s food resources, is going to file comments against the ongoing agrochemical mergers with the Competition Commission of South Africa, and will ask the regulator to review the approval of the Syngenta/ChemChina deal, Mariam Mayet, the center’s founder and director, told CTFN.

African Non-Profit to Fight Agrochem Mergers

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

·  A year ago, the key issue to understand was that commodity markets were about to tighten and position accordingly – energy and materials have been the best performing MSCI sectors.·  The global economy is starting the year on a strong cyclical footing, with EM factory PMIs accelerating ex India and Brazil, while both Europe and the US have seen momentum build further.·  A key risk is the fallout from an attempt by the new US administration to close the merchandise trade deficit which has…

·  A year ago, the key issue to understand was that commodity markets were about to tighten and position accordingly – energy and materials have been the best performing MSCI sectors.·  The global economy is starting the year on a strong cyclical footing, with EM factory PMIs accelerating ex India and Brazil, while both Europe and the US have seen momentum build further.·  A key risk is the fallout from an attempt by the new US administration to close the merchandise trade deficit which has…

US Policy Focus Shifts to Closing Trade Deficit…

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

It's the end of the year - time to reflect on the past year, spend time with friends &amp; family, think about changes to one's portfolio, and watch good movies!We are switching into XLB Materials ETF (XLB US) and take out <a href="https://www.smartkarma.com/entities/22660" target="_blank" data-smartkarma-citation="entities:22660:1">Samsung Kodex Securities Etf</a> (102970 KS) from our model portfolio. We believe that the XLB Materials ETF has a better risk-adjusted potential returns as compared to the <a href="https://www.smartkarma.com/entities/22660" target="_blank" data-smartkarma-citation="entities:22660:1">Samsung Kodex Securities Etf</a>. Three major reasons why we prefer XLB is due to 1) higher US infrastructure…

It's the end of the year - time to reflect on the past year, spend time with friends &amp; family, think about changes to one's portfolio, and watch good movies!We are switching into XLB Materials ETF (XLB US) and take out Samsung Kodex Securities Etf (102970 KS) from our model portfolio. We believe that the XLB Materials ETF has a better risk-adjusted potential returns as compared to the Samsung Kodex Securities Etf. Three major reasons why we prefer XLB is due to 1) higher US infrastructure…

Switch into XLB Materials ETF (What Did You Notice in the First Three Minutes of La La Land?)

<ul>
<li>The overwhelming investor consensus a year ago was for further EM/commodity downside amid deflation fears - this year it is a USD secular bull and global reflation; positioning has shifted accordingly.</li>
<li><div>The value over momentum positioning advocated all year has paid off dramatically - globally, value has outperformed by about 20 ppts since July, the second-best run versus quality in almost 40 years.</div></li>
<li><div>Calling the oil market right in 2016 was critical to everything else in asset allocation including…</div></li>
</ul>


The overwhelming investor consensus a year ago was for further EM/commodity downside amid deflation fears - this year it is a USD secular bull and global reflation; positioning has shifted accordingly.
The value over momentum positioning advocated all year has paid off dramatically - globally, value has outperformed by about 20 ppts since July, the second-best run versus quality in almost 40 years.
Calling the oil market right in 2016 was critical to everything else in asset allocation including…


2017 Asset Allocation Outlook – Part 2: Trump Reflation Euphoria to Fade?

United States

Dow Inc. produces and distributes chemical products. The Company manufactures and supplies chemicals for liquid injection molding, architecture fabrication, leather, textiles, automobiles, rubber consumer goods, and food industries. Dow serves customers worldwide.

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Dow (DOW US)

Our AUD 6.00 Nufarm Fair Value Estimate Stands Despite Share Price Strength

Our AUD 6.00 fair value estimate is unchanged. Nufarm shares have largely held on to the strong 40% price gains from AUD 6.30 February 2016 lows,...

Morningstar, Inc.

African Non-Profit to Fight Agrochem Mergers

The African Centre for Biodiversity (ACB), a Johannesburg-based non-profit organization promoting food sovereignty and campaigning against...

CTFN

US Policy Focus Shifts to Closing Trade Deficit…

· A year ago, the key issue to understand was that commodity markets were about to tighten and position accordingly – energy and materials have...

Sean Maher

Switch into XLB Materials ETF (What Did You Notice in the First Three Minutes of La La Land?)

It's the end of the year - time to reflect on the past year, spend time with friends & family, think about changes to one's portfolio, and...

Douglas Kim

2017 Asset Allocation Outlook – Part 2: Trump Reflation Euphoria to Fade?

The overwhelming investor consensus a year ago was for further EM/commodity downside amid deflation fears - this year it is a USD secular bull and...

Sean Maher

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52-week Range

Market Cap (USDm)

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