Gareth James
EUR 100.00 For Business Accounts Only Sensibly Sells Problematic Stratton Investment; Fair Value Maintained at AUD 14.50

We are pleased, but not particularly surprised, that narrow-moat has decided to sell its 50.1% shareholding in Stratton Finance. The company bought its Stratton shareholding in 2014 for AUD 60 million but the business has faced several challenges recently; including regulatory change, competition, and weak new cars sales caused by falling real estate prices and the associated wealth effect. The Stratton investment was impaired last December to about AUD 12 million, an immaterial val...
Underlying Ltd's principal activities consists of: online advertising services, which include classified advertising and display advertising services; data and research services, which include software, analysis, research and reporting, valuation services, website development and hosting as well as photography services; finance and related services, which include the Stratton Finance Pty Ltd subsidiary that provides finance arrangements for vehicles, boats, and other leisure items, vehicle procurement and other related services to customers; and international services, in which Co. has operations in overseas countries through both subsidiaries and equity accounted associate investments.


Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company 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 approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 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 and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Gareth James

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