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

<ul><li class="p1">We are retaining our AUD 8.00 per share fair value estimate&nbsp;despite a soft third quarter, with just 14.5&nbsp;mmboe produced, along with a hastily&nbsp;rejected left-field AUD 6.88 conditional takeover bid from&nbsp;private equity.</li><li class="p1">Another strong performance from the Papua&nbsp;New Guinea Liquefied Natural Gas, or PNG LNG, project&nbsp;partially offset unscheduled oil maintenance at both Chim&nbsp;Sao and Mutineer-Exeter/Fletcher Finucane and lower than&nbsp;expected domestic gas demand in Queensland.</li><li class="p1">Our&nbsp;2015 earnings forecast declines 30% to AUD 0.13 per share&nbsp;as a result of forgone high-value oil.</li><li class="p1">Regardless, Santos&nbsp;shares have rallied to AUD 6.50 on the takeover approach.</li><li class="p1">An improved bid is the obvious route to a closing in the gap&nbsp;between the shares and our AUD 8.00 fair value estimate;&nbsp;that, or an equity raising and/or asset sales to address debt&nbsp;levels.</li></ul><p><em>Analysts: Mark Taylor &amp; Mathew Hodge</em></p>

We are retaining our AUD 8.00 per share fair value estimate&nbsp;despite a soft third quarter, with just 14.5&nbsp;mmboe produced, along with a hastily&nbsp;rejected left-field AUD 6.88 conditional takeover bid from&nbsp;private equity.Another strong performance from the Papua&nbsp;New Guinea Liquefied Natural Gas, or PNG LNG, project&nbsp;partially offset unscheduled oil maintenance at both Chim&nbsp;Sao and Mutineer-Exeter/Fletcher Finucane and lower than&nbsp;expected domestic gas demand in Queensland.Our&nbsp;2015 earnings forecast declines 30% to AUD 0.13 per share&nbsp;as a result of forgone high-value oil.Regardless, Santos&nbsp;shares have rallied to AUD 6.50 on the takeover approach.An improved bid is the obvious route to a closing in the gap&nbsp;between the shares and our AUD 8.00 fair value estimate;&nbsp;that, or an equity raising and/or asset sales to address debt&nbsp;levels.Analysts: Mark Taylor &amp; Mathew Hodge

Maintenance-Crimped Third Quarter Overshadowed by Takeover Bid

Santos Ltd

Maintenance-Crimped Third Quarter Overshadowed by Takeover Bid