An Acceleration in Net Cash Outflows and Business Restructure Lead to a Reduction in AMP’s FVE
Alarming levels of cash outflows from its wealth management business in the third quarter 2019, along with the sale of its Australian and New Zealand wealth protection and mature closed life insurance business for a bargain, have prompted a reduction in our fair value estimate for narrow-moat AMP. The sale results in a major restructure of AMP, leading to lower underlying earnings and dividends. This results in a reduction in our fair value estimate to AUD 2.85 from AUD 3.40 per share. Our fair...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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