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

Qantas is Australia's national carrier and the leading domestic airline with more than 65% market share.It is also--with the inclusion of Jetstar--Australia's largest international carrier, with about 25% market share of passenger traffic into and out of the country.While this reflects the strength of the Qantas brand, the international business is facing challenges as it operates at a cost-base disadvantage to Asian and Middle Eastern carriers.During the past five years, competition has driven excess capacity in the domestic market, leading to downward pressure on fares, particularly in the leisure segment where demand is highly price elastic.Qantas International operates at a cost-base disadvantage to Asian and Middle Eastern airlines that have added capacity to target Australia. Some are sovereign-funded with lower benchmark return targets than Qantas.Analysts: Ross MacMillan and Tim Mann

Qantas is Australia's national carrier and the leading domestic airline with more than 65% market share.It is also--with the inclusion of Jetstar--Australia's largest international carrier, with about 25% market share of passenger traffic into and out of the country.While this reflects the strength of the Qantas brand, the international business is facing challenges as it operates at a cost-base disadvantage to Asian and Middle Eastern carriers.During the past five years, competition has driven excess capacity in the domestic market, leading to downward pressure on fares, particularly in the leisure segment where demand is highly price elastic.Qantas International operates at a cost-base disadvantage to Asian and Middle Eastern airlines that have added capacity to target Australia. Some are sovereign-funded with lower benchmark return targets than Qantas.Analysts: Ross MacMillan and Tim Mann

The airline industry's notoriously volatile nature prevents Qantas from making sustainable returns.

Australia

Virgin Australia Holdings Limited is an Australian-based  full service airline providing domestic and international operations.

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Virgin Australia Holdings (VAH AU)

The airline industry's notoriously volatile nature prevents Qantas from making sustainable returns.

Qantas is Australia's national carrier and the leading domestic airline with more than 65% market share.It is also--with the inclusion of...

Morningstar, Inc.

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