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.

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Equity Bottom-Up

Aveo is substantially ramping up the number of retirement living units it develops annually, but we don’t think investors fully appreciate the upside potential from the firm's pivot towards caring for the elderly. We see Aveo undergoing a renaissance of sorts, where the incorporation of healthcare services into a retirement living environment is likely to boost the selling price for each unit. The pivot towards aged care means Aveo will be targeting an older demographic, which supports higher average occupancy and increases the frequency with which Aveo charges deferred management fees. We anticipate that, in outer years, this means the firm will be less reliant on more volatile development earnings.Our fair value estimate for Aveo is AUD 3.50.Analyst: Tony Sherlock

Aveo is substantially ramping up the number of retirement living units it develops annually, but we don’t think investors fully appreciate the upside potential from the firm's pivot towards caring for the elderly. We see Aveo undergoing a renaissance of sorts, where the incorporation of healthcare services into a retirement living environment is likely to boost the selling price for each unit. The pivot towards aged care means Aveo will be targeting an older demographic, which supports higher average occupancy and increases the frequency with which Aveo charges deferred management fees. We anticipate that, in outer years, this means the firm will be less reliant on more volatile development earnings.Our fair value estimate for Aveo is AUD 3.50.Analyst: Tony Sherlock

Ageing Australia Remains a Positive Tailwind for Aveo

New Zealand

Ryman Healthcare Limited provides private health care services through its development, management and operation of retirement villages, nursing homes and geriatric hospitals.  The Company's facilities are located in Christchurch, Dunedin, Invercargill and Wellington.

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Ryman Healthcare (RYM NZ)

Ageing Australia Remains a Positive Tailwind for Aveo

Aveo is substantially ramping up the number of retirement living units it develops annually, but we don’t think investors fully appreciate the...

Morningstar, Inc.

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