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

<ul><li class="p1">Power Assets Holdings', or PAH's, planned purchase of a 48.75% stake in Husky Energy’s western Canada pipelines and storage units has limited impact on our fair value estimate, which we maintain at HKD 73.</li><li class="p1">While the acquisition should be accretive, it lifts forecast profit by only around 3% on a full-year contribution basis.</li><li class="p1">PAH can easily afford the CAD 865.5 million cost, which would still leave the firm with an estimated net cash hoard of HKD 56 billion.</li></ul>Analysts: Jennifer Song &amp; Lorraine Tan

Power Assets Holdings', or PAH's, planned purchase of a 48.75% stake in Husky Energy’s western Canada pipelines and storage units has limited impact on our fair value estimate, which we maintain at HKD 73.While the acquisition should be accretive, it lifts forecast profit by only around 3% on a full-year contribution basis.PAH can easily afford the CAD 865.5 million cost, which would still leave the firm with an estimated net cash hoard of HKD 56 billion.Analysts: Jennifer Song &amp; Lorraine Tan

Minimal Impact to Power Assets' Fair Value Estimate From Proposed Husky Pipeline Purchase

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

Equity Capital Markets

Duet Group plans to raise A$200m through an institutional placement in order to fund the acquisition of the remaining 20% stake of DBP from Alcoa.The deal scores a marginal negative score on our framework owing to its lackluster earnings momentum and earnings track record. However, the acquisition of  an asset that the company has owned for 12 years, and hence, it knows very very well. Furthermore, the acquisition will likely be accretive, albeit marginally and most of the stocks past deals have…

Duet Group plans to raise A$200m through an institutional placement in order to fund the acquisition of the remaining 20% stake of DBP from Alcoa.The deal scores a marginal negative score on our framework owing to its lackluster earnings momentum and earnings track record. However, the acquisition of  an asset that the company has owned for 12 years, and hence, it knows very very well. Furthermore, the acquisition will likely be accretive, albeit marginally and most of the stocks past deals have…

DUET Group - Low Risk Acquisition, Good Deal Record

Spark Infrastructure / Equity Capital Markets

Spark Infrastructure plans to raise A$400m through a non-renounceable  entitlement offer, in order to fund its stake in the purchase of TransGrid. We would be inclined to bid for the deal as the acquisition is accretive to earnings and scores well on our framework. <h2>Deal Overview</h2><ul>
<li>Company Name: Spark Infrastructure Group</li>
<li>Ticker: SKI AU Equity</li>
<li>Primary placement -Accelerated Non-renouncable Entitlement Offer</li>
<li>Settlement is longer than normal, with stock settling on 7 Dec, 2015</li>
<li>Fixed deal price:AUD1.88</li>
<li>Last…</li>
</ul>

Spark Infrastructure plans to raise A$400m through a non-renounceable  entitlement offer, in order to fund its stake in the purchase of TransGrid. We would be inclined to bid for the deal as the acquisition is accretive to earnings and scores well on our framework. Deal Overview
Company Name: Spark Infrastructure Group
Ticker: SKI AU Equity
Primary placement -Accelerated Non-renouncable Entitlement Offer
Settlement is longer than normal, with stock settling on 7 Dec, 2015
Fixed deal price:AUD1.88
Last…


Global Special Situations

Charles Nave

Event-Driven

The current offer for Asciano and upcoming infrastructure assets in Australia will see more foreign companies look to Australian shores for quality assets and stable growth.In this report I detail one such company - Transurban - and highlight others that may also be in the spotlight.

The current offer for Asciano and upcoming infrastructure assets in Australia will see more foreign companies look to Australian shores for quality assets and stable growth.In this report I detail one such company - Transurban - and highlight others that may also be in the spotlight.

Transurban (TCL AU):  Are Offshore Buyers on the Road Again?

Australia

Spark Infrastructure Group invests in utility infrastructure assets in Australia.

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Spark Infrastructure (SKI AU)

Minimal Impact to Power Assets' Fair Value Estimate From Proposed Husky Pipeline Purchase

Power Assets Holdings', or PAH's, planned purchase of a 48.75% stake in Husky Energy’s western Canada pipelines and storage units has limited...

Morningstar, Inc.

DUET Group - Low Risk Acquisition, Good Deal Record

Duet Group plans to raise A$200m through an institutional placement in order to fund the acquisition of the remaining 20% stake of DBP from...

Sumeet Singh

Acquisition Accretive to Cashflows

Spark Infrastructure plans to raise A$400m through a non-renounceable entitlement offer, in order to fund its stake in the purchase of TransGrid....

Sumeet Singh

Transurban (TCL AU): Are Offshore Buyers on the Road Again?

The current offer for Asciano and upcoming infrastructure assets in Australia will see more foreign companies look to Australian shores for quality...

Charles Nave

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)