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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Event-Driven

Crown Resorts is proposing to demerge the majority of its international investments into a separate company and is considering floating a 49% stake in a property trust comprising most of its Australian hotels. There is a long way to go for the consummation of these proposals including regulatory, shareholder and further Board approvals. However, we are encouraged by the proactive steps taken to liberate the inherent value in Crown and view these moves as positive for shareholders.Our AUD 15 fair value estimate, narrow moat and high uncertainty ratings are unchanged. Despite the swift positive reaction to the proposal, Crown shares remain 15% below our fair value estimate.Analyst: Ravi Reddy

Crown Resorts is proposing to demerge the majority of its international investments into a separate company and is considering floating a 49% stake in a property trust comprising most of its Australian hotels. There is a long way to go for the consummation of these proposals including regulatory, shareholder and further Board approvals. However, we are encouraged by the proactive steps taken to liberate the inherent value in Crown and view these moves as positive for shareholders.Our AUD 15 fair value estimate, narrow moat and high uncertainty ratings are unchanged. Despite the swift positive reaction to the proposal, Crown shares remain 15% below our fair value estimate.Analyst: Ravi Reddy

Crown Resorts' Proposed Demerger a Long Overdue Catalyst to Close Gap to Our Unchanged Fair Value