No Major Surprises in AMP’s Result but Turnaround Still a Way Off; FVE Raised to AUD 5.50
Our fair value estimate for narrow moat-rated AMP has been raised to AUD 5.50 from AUD 5.30 per share following the fiscal 2016 result reflecting modest earnings changes and the roll-forward of our valuation model. At current levels, AMP shares are fairly valued.The result was weak and messy as expected but slightly ahead of our forecasts. Performance by business unit was mixed. The overall performance was weighed down by challenging market conditions in the key wealth management business and t...
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.
We have operations in 27 countries.
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