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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Equity Bottom-Up

The Australian federal election result wasn't a great outcome for child-care centre operator G8 Education as the prospect of a weak federal government is likely to impede the passage of favourable child-care legislation. However, in the long term, the company's prospects are brighter as demand and government funding for early childhood education and care services are likely to grow. Both the Liberal and Labor parties propose increasing ECEC funding, but the method, magnitude and timing remain uncertain.At AUD 3.92, the market price implies a fiscal 2016 price/earnings ratio of 15 times, based on a December financial year-end, and a PE/EPS growth ratio of 1.1 times. The dividend yield is 6.5%, or 9.0% including franking credits, and assumes a 95% payout ratio. In comparison, the ASX 200 index trades on a forward P/E ratio of 16 times and dividend yield of 4.6%. Analyst: Gareth James

The Australian federal election result wasn't a great outcome for child-care centre operator G8 Education as the prospect of a weak federal government is likely to impede the passage of favourable child-care legislation. However, in the long term, the company's prospects are brighter as demand and government funding for early childhood education and care services are likely to grow. Both the Liberal and Labor parties propose increasing ECEC funding, but the method, magnitude and timing remain uncertain.At AUD 3.92, the market price implies a fiscal 2016 price/earnings ratio of 15 times, based on a December financial year-end, and a PE/EPS growth ratio of 1.1 times. The dividend yield is 6.5%, or 9.0% including franking credits, and assumes a 95% payout ratio. In comparison, the ASX 200 index trades on a forward P/E ratio of 16 times and dividend yield of 4.6%. Analyst: Gareth James

G8 Education Remains Undervalued for Risk-Tolerant Investors

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Since listing in Nov 2015, the stock has risen 50% from its IPO price, as it continued to perform even post the 28% pop at listing. You can find our coverage for the listing here, <a href="https://www.smartkarma.com/insights/ipo-preview-growing-market-and-strategic-co-owner-combined-with-a-global-brand-means-its-set-to-fly" target="_blank">IPO Preview:Growing market and strategic co-owner combined with a global brand means its set to fly</a> and <a href="https://www.smartkarma.com/insights/quick-note-global-brand-at-an-attractive-price" target="_blank">Quick Note: Global brand at an attractive price</a>.The post IPO performance was driven by the release of company's 1H16 (year end Jun) results in Feb 2016. We recently spoke to the company to get an update on the…

Since listing in Nov 2015, the stock has risen 50% from its IPO price, as it continued to perform even post the 28% pop at listing. You can find our coverage for the listing here, IPO Preview:Growing market and strategic co-owner combined with a global brand means its set to fly and Quick Note: Global brand at an attractive price.The post IPO performance was driven by the release of company's 1H16 (year end Jun) results in Feb 2016. We recently spoke to the company to get an update on the…

IDP Education: First Test Them, Then Place Them

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Event-Driven

<ul><li>Anchorage has bumped their initial $0.90 offer into the fair range given by Affinity's IFA.&nbsp;</li><li>G8 has agreed to vote in favor of Anchorage's offer, subject to Anchorage announcing to ASX by no later than 10:00 am (Sydney time) on 21 September 2015, that it has sufficiently detailed binding commitments in place to fund its obligations to pay the Scheme Consideration.&nbsp;</li></ul>Essentially, G8 owns 19.89% + 4.73% = 24.62% of AFJ:<ul><li>19.89% directly held&nbsp;by G8 (5.39% G8 can vote on and AFJ's Chairman has voting proxy for the remaining 14.5%)</li><li>4.73% in which G8 have economic interest in (accepted into G8's&nbsp;takeover offers due to close on the 28 Sept 2015)</li></ul>How likely is Anchorage to get their financing commitments before the deadline? Let us take a look...

Anchorage has bumped their initial $0.90 offer into the fair range given by Affinity's IFA.&nbsp;G8 has agreed to vote in favor of Anchorage's offer, subject to Anchorage announcing to ASX by no later than 10:00 am (Sydney time) on 21 September 2015, that it has sufficiently detailed binding commitments in place to fund its obligations to pay the Scheme Consideration.&nbsp;Essentially, G8 owns 19.89% + 4.73% = 24.62% of AFJ:19.89% directly held&nbsp;by G8 (5.39% G8 can vote on and AFJ's Chairman has voting proxy for the remaining 14.5%)4.73% in which G8 have economic interest in (accepted into G8's&nbsp;takeover offers due to close on the 28 Sept 2015)How likely is Anchorage to get their financing commitments before the deadline? Let us take a look...

We looked at G8 Education ("GEM") proposed offer for Affinity Education Group ("AFJ")Almost&nbsp;a month later:<ul><li>GEM lodged a bidder statement (off-market) on the 30 July 2015 with an offer of 1 GEM Share for every 4.61 AFJ share held</li><li>On the 3rd of August, after updating&nbsp;its existing financing arrangement with the Bank of Western Australia, GEM bumped their off-market offer to 1 GEM Share for every 4.25 AFJ share held and launched an on-market takeover offer for all of the ordinary shares of AFJ at AUD 0.80 cash per share</li></ul>

We looked at G8 Education ("GEM") proposed offer for Affinity Education Group ("AFJ")Almost&nbsp;a month later:GEM lodged a bidder statement (off-market) on the 30 July 2015 with an offer of 1 GEM Share for every 4.61 AFJ share heldOn the 3rd of August, after updating&nbsp;its existing financing arrangement with the Bank of Western Australia, GEM bumped their off-market offer to 1 GEM Share for every 4.25 AFJ share held and launched an on-market takeover offer for all of the ordinary shares of AFJ at AUD 0.80 cash per share

The Hunt is On, will this 'prey' escape? 

Australia

G8 Education Limited provides community-focused child care for families to foster their child's development.  The Company also conducts a range of child care services that includes child care centers acquisition, child care centers management, and industry-related project management, services and consultancy.

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G8 Education (GEM AU)

G8 Education Remains Undervalued for Risk-Tolerant Investors

The Australian federal election result wasn't a great outcome for child-care centre operator G8 Education as the prospect of a weak federal...

Morningstar, Inc.

IDP Education: First Test Them, Then Place Them

Since listing in Nov 2015, the stock has risen 50% from its IPO price, as it continued to perform even post the 28% pop at listing. You can find...

Sumeet Singh

It Pays To Be Patient

Anchorage has bumped their initial $0.90 offer into the fair range given by Affinity's IFA. G8 has agreed to vote in favor of Anchorage's offer,...

Crispin Francis

The Hunt is On, will this 'prey' escape?

We looked at G8 Education ("GEM") proposed offer for Affinity Education Group ("AFJ")Almost a month later: GEM lodged a bidder statement...

Crispin Francis

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52-week Range

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