Transferring Coverage of ABN Amro With EUR 27 FVE, No Moat, and Stable Moat Trend
We are transferring coverage of ABN Amro with a fair value estimate of EUR 27 per share and no-moat and stable moat trend ratings. At current levels, the shares offer limited upside of 8%, trading at 1.4 times book value and 10.7 times earnings per share on our 2018 estimates.We view ABN Amro as a transformed new bank with healthy and improving fundamentals. With close to 80% of its income originating exclusively from the Netherlands, ABN Amro is a pure Dutch play with a big chunk of income (cl...
ABN Amro Bank NV is a bank based in the Netherlands. The Bank provides various financial products and services across a variety of channels, including its Mobile Banking app and Internet Banking. The Bank's product portfolio includes insurances, mortgages, savings, investments, loans and payments, among others. The Bank serves retail, private and corporate clients worldwide.
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.
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