Equity Research Coverage | March 2015 Morningstar’s focus on putting the interests of investors first drives the way we produce our timely, independent stock research, and how we select which companies to cover. Largest independent stock research team in Australia A combination of a large local team with strongly- established global connections enriches the insightfulness of the analysis we provide. Our 20 local analysts – the largest independent stock research team serving investors in Australia – are members of a 100-strong global group of analysts and strategists covering over 1,500 companies around the world. Focus on company attractiveness as investment Investors benefit from our focus on developing differentiated and deep opinions about a company’s valuations, growth prospects, and competitive forces. We determine our coverage of 230 Australian and New Zealand companies on the basis of our assessment of a company’s attractiveness as an investment, and its ability to generate sustainable excess returns on capital – whether or not it has an economic moat. Timely updates Investors also benefit from our focus on timeliness. We publish updated research on every company we cover at least every quarter, and often more frequently as events demand, ensuring our clients always have access to relevant, up-to-date investment ideas. Insightful, candid, actionable Morningstar does not take commissions on transactions and doesn’t try to “Sell” you stocks – we focus on providing you with insightful analysis and unbiased assessments. We use the following guidelines to determine our Australian equity coverage: 3 3 All companies in the S&P/ASX 100 Index. 3 3 Companies in the S&P/ASX 200 Index which have an economic moat and/or have cash flow which is at least mildly predictable (not those with 'extreme' uncertainty under our framework). As a rough guide, Morningstar will cover at least 80% of S&P/ASX 200 companies (which typically equates to more than 95% of S&P/ASX 200 by market capitalisation). Companies we choose not to cover in this index are usually unattractive for most portfolios, in our opinion. 3 3 About 50 ex-S&P/ASX 200 stocks are selected on Morningstar’s judgement of each security's investment merit − which includes a very strong lean towards high-quality companies with sustainable competitive advantages, or economic moats. New Zealand coverage guidelines: 3 3 The majority of the NZX15 Index. 3 3 10–15 ex-NZX15 Index stocks selected on our judgement of each security's investment merit. Morningstar’s other analyst teams also provide in-depth, actionable research and recommendations on 4,500 managed funds, 34 ASX-listed exchange-traded funds, 13 listed investment companies, and 48 income securities. All this and more is available on Morningstar.com.au. K Joel Bloomer Head of Asia-Pacific Equity & Credit Research Research Coverage of Total ASX (Market Cap) Morningstar All Ordinaries Research Coverage of ASX 200 (Market Cap) Morningstar ASX 200 Research Coverage of Total NZX (Market Cap) Morningstar Total NZX 95% 99% 79% Peter Warnes Head of Equities Research David Ellis, CFA Sector Head: Financials, Infrastructure, Insurance, Property Mathew Hodge Sector Head: Basic Materials, Energy Ross MacMillan, CA Sector Head: Industrials Daniel Mueller, CA, CFA Sector Head: Consumer Morningstar Equities Research | March 2015 Contact Details Tel: 1800 03 44 55 Email: [email protected]Address: Lvl 36, 264 George St Sydney NSW 2000 www.morningstar.com.au
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Morningstar Equities Research | March 2015 Equity Research … · 2019-10-14 · Equity Research Coverage | March 2015 Morningstar’s focus on putting the interests of investors
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Equity Research Coverage | March 2015
Morningstar’s focus on putting the interests of investors first drives the way we produce our timely, independent stock research, and how we select which companies to cover.
Largest independent stock research team in AustraliaA combination of a large local team with strongly-established global connections enriches the insightfulness of the analysis we provide. Our 20 local analysts – the largest independent stock research team serving investors in Australia – are members of a 100-strong global group of analysts and strategists covering over 1,500 companies around the world.
Focus on company attractiveness as investment Investors benefit from our focus on developing differentiated and deep opinions about a company’s valuations, growth prospects, and competitive forces. We determine our coverage of 230 Australian and New Zealand companies on the basis of our assessment of a company’s attractiveness as an investment, and its ability to generate sustainable excess returns on capital – whether or not it has an economic moat.
Timely updatesInvestors also benefit from our focus on timeliness. We publish updated research on every company we cover at least every quarter, and often more frequently as events demand, ensuring our clients always have access to relevant, up-to-date investment ideas.
Insightful, candid, actionable Morningstar does not take commissions on transactions and doesn’t try to “Sell” you stocks –
we focus on providing you with insightful analysis and unbiased assessments.
We use the following guidelines to determine our Australian equity coverage:33 All companies in the S&P/ASX 100 Index.33 Companies in the S&P/ASX 200 Index which
have an economic moat and/or have cash flow which is at least mildly predictable (not those with 'extreme' uncertainty under our framework). As a rough guide, Morningstar will cover at least 80% of S&P/ASX 200 companies (which typically equates to more than 95% of S&P/ASX 200 by market capitalisation). Companies we choose not to cover in this index are usually unattractive for most portfolios, in our opinion.33 About 50 ex-S&P/ASX 200 stocks are selected
on Morningstar’s judgement of each security's investment merit − which includes a very strong lean towards high-quality companies with sustainable competitive advantages, or economic moats.
New Zealand coverage guidelines:33 The majority of the NZX15 Index.33 10–15 ex-NZX15 Index stocks selected on
our judgement of each security's investment merit.
Morningstar’s other analyst teams also provide in-depth, actionable research and recommendations on 4,500 managed funds, 34 ASX-listed exchange-traded funds, 13 listed investment companies, and 48 income securities. All this and more is available on Morningstar.com.au. K
Joel BloomerHead of Asia-Pacific Equity & Credit Research