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>Please note that this is a re-release of the full analyst note covering Veda that was originally released on the 27th August 2015.</li><li>Given the expression of interest received from Equifax to buy all Veda shares outstanding for A$2.70 per share, this note provides useful fundamental and industry background.</li><li>Veda has a near monopoly in the consumer risk segment and is the largest in the commercial segment. Given data contributors are likely to limit how many data gatherers they release sensitive information to, the market will remain highly consolidated</li><li>The divestment from private equity means there is limited historical context, but based on our forecasts, we expect the firm to generate strong returns on adjusted invested capital</li><li>Veda's data is integral to its users' underwriting decisions, and with the cost of its services relatively small, we don't see the banks' support of a competitor as a step to squeeze Veda's earnings</li></ul>Analyst: Nathan ZalaSector Head: David EllisFull report below the fold...

Please note that this is a re-release of the full analyst note covering Veda that was originally released on the 27th August 2015.Given the expression of interest received from Equifax to buy all Veda shares outstanding for A$2.70 per share, this note provides useful fundamental and industry background.Veda has a near monopoly in the consumer risk segment and is the largest in the commercial segment. Given data contributors are likely to limit how many data gatherers they release sensitive information to, the market will remain highly consolidatedThe divestment from private equity means there is limited historical context, but based on our forecasts, we expect the firm to generate strong returns on adjusted invested capitalVeda's data is integral to its users' underwriting decisions, and with the cost of its services relatively small, we don't see the banks' support of a competitor as a step to squeeze Veda's earningsAnalyst: Nathan ZalaSector Head: David EllisFull report below the fold...

Veda's Growing Product Offering and Customer Reach Supports Long-Term Growth Expectations

Veda Group Ltd

Veda's Growing Product Offering and Customer Reach Supports Long-Term Growth Expectations