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. 

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Thematic (Sector/Industry)

<ul><li class="p1">The median price/fair value in our biotech universe is 0.87, and in late September valuations fell to their cheapest levels since 2011.</li><li class="p1">While this is a far cry from the ratio of 0.73 we saw in August 2011 as the market rally was just beginning, we still think it offers a strong opportunity for investment in some of our favourite wide-moat names.</li><li class="p1">While barriers to entry appear to be relatively flat among our covered biotechs, as new products counter patent expirations and biosimilar entry, scores on other measures are increasing, as portfolios expand, productivity improves, and management focuses on therapeutic areas with better pricing power and more room for differentiation, like cancer and rare diseases.</li></ul>Analyst Team: Karen Andersen, CFA; Damien Conover, CFA; Alex Morozov, CFAFull report below the fold..

The median price/fair value in our biotech universe is 0.87, and in late September valuations fell to their cheapest levels since 2011.While this is a far cry from the ratio of 0.73 we saw in August 2011 as the market rally was just beginning, we still think it offers a strong opportunity for investment in some of our favourite wide-moat names.While barriers to entry appear to be relatively flat among our covered biotechs, as new products counter patent expirations and biosimilar entry, scores on other measures are increasing, as portfolios expand, productivity improves, and management focuses on therapeutic areas with better pricing power and more room for differentiation, like cancer and rare diseases.Analyst Team: Karen Andersen, CFA; Damien Conover, CFA; Alex Morozov, CFAFull report below the fold..

Morningstar Healthcare Observer: Biotech Industry Undervalued

Information Technology Consultant

Ishita Jain

"Dance party on a bike" - that's how the founders of SoulCycle like to describe their business. SoulCycle is a lifestyle and fitness brand that focuses on making the mundane chore of keeping fit into a&nbsp;joyful and inspiring activity. With 45&nbsp;studios and 300,000 unique riders across the US, the company has grown from strength to strength and is seen as a 'movement' rather than an emerging brand. It runs cycle studios,&nbsp;set in a dark, candlelit room to high-energy music, where&nbsp;riders move in unison and follow the cues and choreography of the instructor.Now,&nbsp;SoulCycle is going&nbsp;public and hoping to raise up to $100 million via an IPO. While the prospectus is littered with super-charged words describing a&nbsp;revolutionary fitness&nbsp;ecosystem, does it have enough substance to hook investors much like its elitist&nbsp;clientele?&nbsp;

"Dance party on a bike" - that's how the founders of SoulCycle like to describe their business. SoulCycle is a lifestyle and fitness brand that focuses on making the mundane chore of keeping fit into a&nbsp;joyful and inspiring activity. With 45&nbsp;studios and 300,000 unique riders across the US, the company has grown from strength to strength and is seen as a 'movement' rather than an emerging brand. It runs cycle studios,&nbsp;set in a dark, candlelit room to high-energy music, where&nbsp;riders move in unison and follow the cues and choreography of the instructor.Now,&nbsp;SoulCycle is going&nbsp;public and hoping to raise up to $100 million via an IPO. While the prospectus is littered with super-charged words describing a&nbsp;revolutionary fitness&nbsp;ecosystem, does it have enough substance to hook investors much like its elitist&nbsp;clientele?&nbsp;

SoulCycle IPO - Good for your portfolio and your soul?

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Synlait Milk’s (SML) 1H26 result was incredibly underwhelming, as it wore the impacts of ongoing costs/operational disruption at Dunsandel.</li><li>Underlying EBITDA was NZ$4.1m and underlying NPAT was a loss of -NZ$27.3m, with reported NPAT of -NZ$80.6m.</li><li>SML confirmed that the sale of its North Island assets to Abbott will occur on 1 April 2025 (sales proceeds of ~NZ$307m).</li></ul>

Synlait Milk’s (SML) 1H26 result was incredibly underwhelming, as it wore the impacts of ongoing costs/operational disruption at Dunsandel.Underlying EBITDA was NZ$4.1m and underlying NPAT was a loss of -NZ$27.3m, with reported NPAT of -NZ$80.6m.SML confirmed that the sale of its North Island assets to Abbott will occur on 1 April 2025 (sales proceeds of ~NZ$307m).

Synlait Milk 1H26 Result—Dunsandel Drag

<ul><li>Synlait Milk’s (SML) 1H26 result was very challenged and after numerous adjustments, in-line with the trading update it provided in early February.</li><li>Net debt was NZ$472m, up from NZ$251m at FY25 and NZ$392m at 1H25.</li><li>SML has provided no explicit outlook commentary for the second half, nor has it provided clear strategic targets looking forward.</li></ul>

Synlait Milk’s (SML) 1H26 result was very challenged and after numerous adjustments, in-line with the trading update it provided in early February.Net debt was NZ$472m, up from NZ$251m at FY25 and NZ$392m at 1H25.SML has provided no explicit outlook commentary for the second half, nor has it provided clear strategic targets looking forward.

Synlait Milk (SML): 1H26 Result – Initial Impressions

Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

<ul><li>Another blow-up non-farm number coming up? Run US macro bears, run! &nbsp;</li><li>European equities will end up 30% to 60% for the year. Play through peripherals&nbsp;</li><li>Massive shift down in volatility; picking up options is cheaper than last week</li></ul>

Another blow-up non-farm number coming up? Run US macro bears, run! &nbsp;European equities will end up 30% to 60% for the year. Play through peripherals&nbsp;Massive shift down in volatility; picking up options is cheaper than last week

End-2015 should see Euro-zone EQ up +40-60%, Nikkei over 22K, USDCHF over 1.02, USDJPY over 125

United States

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

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Abbott Laboratories (ABT US)

Morningstar Healthcare Observer: Biotech Industry Undervalued

The median price/fair value in our biotech universe is 0.87, and in late September valuations fell to their cheapest levels since 2011. While this...

Morningstar, Inc.

SoulCycle IPO - Good for your portfolio and your soul?

"Dance party on a bike" - that's how the founders of SoulCycle like to describe their business. SoulCycle is a lifestyle and fitness brand that...

Ishita Jain

Synlait Milk 1H26 Result—Dunsandel Drag

Synlait Milk’s (SML) 1H26 result was incredibly underwhelming, as it wore the impacts of ongoing costs/operational disruption at...

Forsyth Barr

Synlait Milk (SML): 1H26 Result – Initial Impressions

Synlait Milk’s (SML) 1H26 result was very challenged and after numerous adjustments, in-line with the trading update it provided in early...

Forsyth Barr

End-2015 should see Euro-zone EQ up +40-60%, Nikkei over 22K, USDCHF over 1.02, USDJPY over 125

Another blow-up non-farm number coming up? Run US macro bears, run! European equities will end up 30% to 60% for the year. Play through...

Kay Van-Petersen

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