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

No surprises in wide moat-rated Westpac Banking Corporation’s first-quarter fiscal 2017 balance sheet update with capital, funding, liquidity, and asset quality metrics all tracking in line with expectations. The bank does not release quarterly profit updates and following the balance sheet update, our AUD 8.2 billion fiscal 2017 cash profit forecast is unchanged and broadly in line with market estimates. Westpac Bank is scheduled to release first-half fiscal 2017 results on May 8, 2017. We retain our positive view and AUD 35 per share fair value estimate. Westpac is our preferred major bank--we like the track record of discipline around cost controls, risk management, net interest margins, and shareholder returns. Westpac continues to focus on productivity improvement and sustainable growth, without the distractions of exiting underperforming legacy assets.Analyst: David Ellis &amp; Ravi Reddy

No surprises in wide moat-rated Westpac Banking Corporation’s first-quarter fiscal 2017 balance sheet update with capital, funding, liquidity, and asset quality metrics all tracking in line with expectations. The bank does not release quarterly profit updates and following the balance sheet update, our AUD 8.2 billion fiscal 2017 cash profit forecast is unchanged and broadly in line with market estimates. Westpac Bank is scheduled to release first-half fiscal 2017 results on May 8, 2017. We retain our positive view and AUD 35 per share fair value estimate. Westpac is our preferred major bank--we like the track record of discipline around cost controls, risk management, net interest margins, and shareholder returns. Westpac continues to focus on productivity improvement and sustainable growth, without the distractions of exiting underperforming legacy assets.Analyst: David Ellis &amp; Ravi Reddy

Westpac's Strong Asset Quality Stabilises