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 Capital Markets

We are initiating coverage of newly floated Inghams Group, or Ingham's, with an AUD 3.50 per share fair value estimate, a no-moat rating and high fair value uncertainty rating. The final listing price of AUD 3.15 per share was below the bottom of the original indicative price range of AUD 3.57 to AUD 4.14 per share, and our fair value estimate. The size of the offer has also been significantly reduced and private equity firm TPG will retain a 47% interest.Ingham's closed at AUD 3.22 per share on its first day, and currently trades at a modest discount to our fair value, however, we recommend awaiting a larger margin of safety before investing.Analyst: Daniel Ragonese &amp; Ravi Reddy

We are initiating coverage of newly floated Inghams Group, or Ingham's, with an AUD 3.50 per share fair value estimate, a no-moat rating and high fair value uncertainty rating. The final listing price of AUD 3.15 per share was below the bottom of the original indicative price range of AUD 3.57 to AUD 4.14 per share, and our fair value estimate. The size of the offer has also been significantly reduced and private equity firm TPG will retain a 47% interest.Ingham's closed at AUD 3.22 per share on its first day, and currently trades at a modest discount to our fair value, however, we recommend awaiting a larger margin of safety before investing.Analyst: Daniel Ragonese &amp; Ravi Reddy

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