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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Equity Bottom-Up

<ul><li class="p1">While the foreshadowing of a A$1.5 billion capital management program by narrow moat Telstra is positive, we view it as no more than a teaser.</li><li class="p1">In fact, the quantum is conservative, in light of the A$2.1 billion to be received from the sale of Autohome (6.5% shareholding still held) and the 1.3 times net debt/EBITDA leverage even before the divestment (target range of 1.3 to 1.8 times).</li><li class="p1">Nevertheless, it highlights Telstra's balance sheet strength, one that facilitates a prompt liberalisation of excess capital, while maintaining commitment to dividend growth and financial flexibility as it heads into the National Broadband Network, or NBN, regime.</li></ul><p class="p1"><em>Analysts: Brian Han &amp; Benjamin Chan</em></p>

While the foreshadowing of a A$1.5 billion capital management program by narrow moat Telstra is positive, we view it as no more than a teaser.In fact, the quantum is conservative, in light of the A$2.1 billion to be received from the sale of Autohome (6.5% shareholding still held) and the 1.3 times net debt/EBITDA leverage even before the divestment (target range of 1.3 to 1.8 times).Nevertheless, it highlights Telstra's balance sheet strength, one that facilitates a prompt liberalisation of excess capital, while maintaining commitment to dividend growth and financial flexibility as it heads into the National Broadband Network, or NBN, regime.Analysts: Brian Han &amp; Benjamin Chan

Telstra Shows Investors the Money, While Keeping Its Powder Dry

Telstra Corp

Telstra Shows Investors the Money, While Keeping Its Powder Dry