One-Time Restructuring Charge Hurts Bank of Montreal's 2Q Results, No Change to Our FVE
Narrow-moat-rated Bank of Montreal reported fiscal second-quarter results that do not alter our long-term thesis on the company. We are maintaining our fair value estimate of CAD 105/$82. Quarterly results were hurt again by another one-time item, this time a pretax restructuring charge of CAD 260 million. As a result, net income was essentially flat year over year. Last quarter, the revaluation of U.S. net deferred tax assets hurt results, and year to date, unadjusted earnings per share are dow...Bank of Montreal is a financial services organization. Co. provides a range of retail banking, wealth management and investment banking products and services. Co. serves its clients through three operating groups: Personal and Commercial Banking, which provides financial services to personal and commercial customers; Private Client Group, which provides wealth management products and services to individuals and select institutional segments; and BMO Capital Markets, which provides clients financial and capital markets services to corporate, institutional and government clients.
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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