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

<p>Ahead of Brickworks' first-half 2017 result, due on March 23, we make minor changes to our underlying EPS estimates (up 3% in 2017, up 1% in 2018) to reflect slightly stronger cost-out in the Building Products division. We also include AUD 50 million of property profits from the sale in December 2016 of Oakdale West as a significant item.</p><p>We maintain our 13.70 DCF-based fair value estimate. (A recent cut to our <a href="https://www.smartkarma.com/entities/323" target="_blank" data-smartkarma-citation="entities:323:1">TPG Telecom Ltd (TPM AU)</a> fair value and upgrades to <a href="https://www.smartkarma.com/entities/4414" target="_blank" data-smartkarma-citation="entities:4414:1">New Hope Corp Ltd (NHC AU)</a> results…</p>

Ahead of Brickworks' first-half 2017 result, due on March 23, we make minor changes to our underlying EPS estimates (up 3% in 2017, up 1% in 2018) to reflect slightly stronger cost-out in the Building Products division. We also include AUD 50 million of property profits from the sale in December 2016 of Oakdale West as a significant item.We maintain our 13.70 DCF-based fair value estimate. (A recent cut to our TPG Telecom Ltd (TPM AU) fair value and upgrades to New Hope Corp Ltd (NHC AU) results…

Washington H. Soul Pattinson and Co. Ltd (SOL AU)

Expected Rerate of TPG To Support Brickworks' Investment Portfolio; Shares Fairly Valued

Brickworks Ltd

Expected Rerate of TPG To Support Brickworks' Investment Portfolio; Shares Fairly Valued