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

The Australian Competition and Consumer Commission has taken aim at APA Group for examples of monopolistic pricing in its report on the competitiveness of the East Coast wholesale gas industry. At this early stage, it is unclear what changes will be implemented and how effective these will be in eroding APA's excess returns, but increased regulation will clearly be detrimental to profitability.The regulatory environment for Australian utilities has been tough for the past five years in order to help households, so it's not overly surprising the net is being widened to catch the pipeline industry. However, it will take time to change rules and even longer for these rule changes to affect APA, as existing long-term contracts must be honoured.Analyst: Adrian Atkins

The Australian Competition and Consumer Commission has taken aim at APA Group for examples of monopolistic pricing in its report on the competitiveness of the East Coast wholesale gas industry. At this early stage, it is unclear what changes will be implemented and how effective these will be in eroding APA's excess returns, but increased regulation will clearly be detrimental to profitability.The regulatory environment for Australian utilities has been tough for the past five years in order to help households, so it's not overly surprising the net is being widened to catch the pipeline industry. However, it will take time to change rules and even longer for these rule changes to affect APA, as existing long-term contracts must be honoured.Analyst: Adrian Atkins

APA Group: Caught in the ACCC's Crossfire