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">We came away disappointed following&nbsp;Woolworths' recent AGM.</li><li class="p1">While management comments were full of mea culpa,&nbsp;shareholders were effectively told to take management's&nbsp;word that solutions are in place.</li><li class="p1">While we agree with the&nbsp;key strategic priorities management have identified, in our&nbsp;view, there is little evidence to suggest they will&nbsp;successfully execute these strategies.</li><li class="p1">For instance, while there certainly appears to be an&nbsp;opportunity for a large second player in the AUD 46 billion&nbsp;home improvement market, it is unclear how Woolworths&nbsp;intends to turn around Masters which incurred a AUD 245&nbsp;million loss before interest and tax in fiscal 2015.</li><li class="p1">We believe&nbsp;shareholders deserve greater detail than the commentary&nbsp;provided at the AGM</li></ul><p class="p1"><em>Analyst: Daniel Mueller</em></p>

We came away disappointed following&nbsp;Woolworths' recent AGM.While management comments were full of mea culpa,&nbsp;shareholders were effectively told to take management's&nbsp;word that solutions are in place.While we agree with the&nbsp;key strategic priorities management have identified, in our&nbsp;view, there is little evidence to suggest they will&nbsp;successfully execute these strategies.For instance, while there certainly appears to be an&nbsp;opportunity for a large second player in the AUD 46 billion&nbsp;home improvement market, it is unclear how Woolworths&nbsp;intends to turn around Masters which incurred a AUD 245&nbsp;million loss before interest and tax in fiscal 2015.We believe&nbsp;shareholders deserve greater detail than the commentary&nbsp;provided at the AGMAnalyst: Daniel Mueller

Woolworths: A Lack of Strategic Direction

Woolworths Ltd

Woolworths: A Lack of Strategic Direction