Alarming Royal Commission Evidence Sees AMP’s FVE Reduced to AUD 3.90, with High Uncertainty Rating
Shocking revelations of narrow-moat AMP Ltd’s misconduct and poor corporate governance at the Royal Commission and its expected impact on the business has necessitated a material downgrade of our fair value estimate to AUD 3.90, from AUD 5.50. We also reduce AMP’s moat trend to negative from stable, increase its uncertainty rating to high from medium, and downgrade its stewardship rating to Poor. AMP will be in a period of transition for the next few years as it employs a new leadership team, in...AMP is a wealth management company in Australia and New Zealand, with an international investment management business and a retail banking business in Australia. Co. provides retail customers in Australia and New Zealand with financial advice, superannuation, retirement income and investment products. Co. also provides superannuation services for businesses, administration, banking and investment services for self-managed superannuation funds, income protection, disability and life insurance, and selected banking products. As of Dec 31 2015, Co. had total assets under management of A$226.00 billion.
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.
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