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

Independence Group has completed the friendly purchase&nbsp;of developing nickel miner Sirius Resources.At the time the&nbsp;deal was announced, we modeled the cash flows from the&nbsp;relatively high-grade Nova Bollinger nickel project and&nbsp;concluded that the deal was broadly fair-value-neutral,&nbsp;since overvalued scrip was used to buy a richly priced asset.We now incorporate Nova Bollinger into our explicit&nbsp;forecasts for the combined group.It sees debt re-introduced,&nbsp;shares on issue more than double, meaningful dilution to&nbsp;near-term earnings but accretion from fiscal 2018 onwards.Overall, there is no change to our AUD 3.90 fair value&nbsp;estimate with Nova&rsquo;s impact already taken into account.After significant overvaluation earlier this year, the share&nbsp;price has more than halved from A$6 peaks and is now&nbsp;somewhat undervalued.We think the market is&nbsp;extrapolating past operational concerns, such as those&nbsp;around Jaguar, onto Nova.Analysts: Mathew Hodge &amp; Mark Taylor

Independence Group has completed the friendly purchase&nbsp;of developing nickel miner Sirius Resources.At the time the&nbsp;deal was announced, we modeled the cash flows from the&nbsp;relatively high-grade Nova Bollinger nickel project and&nbsp;concluded that the deal was broadly fair-value-neutral,&nbsp;since overvalued scrip was used to buy a richly priced asset.We now incorporate Nova Bollinger into our explicit&nbsp;forecasts for the combined group.It sees debt re-introduced,&nbsp;shares on issue more than double, meaningful dilution to&nbsp;near-term earnings but accretion from fiscal 2018 onwards.Overall, there is no change to our AUD 3.90 fair value&nbsp;estimate with Nova&rsquo;s impact already taken into account.After significant overvaluation earlier this year, the share&nbsp;price has more than halved from A$6 peaks and is now&nbsp;somewhat undervalued.We think the market is&nbsp;extrapolating past operational concerns, such as those&nbsp;around Jaguar, onto Nova.Analysts: Mathew Hodge &amp; Mark Taylor

Independence Group Completes Acquisition of Sirius. Fair Value: A$3.90

Australia

IGO Limited operates as an exploration company. The Company explores and mines copper, ore, nickel, gold, and other mineral resources. IGO serves customers worldwide.

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IGO Ltd (IGO AU)

Independence Group Completes Acquisition of Sirius. Fair Value: A$3.90

Independence Group has completed the friendly purchase of developing nickel miner Sirius Resources.At the time the deal was announced, we modeled...

Morningstar, Inc.

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