Solid Growth and Tax Windfall Provide Tailwinds for BlackRock; Increased FVE to $600 per Share
We've increased our fair value estimate for wide-moat-rated BlackRock to $600 per share from $550 after updating our assumptions about long-term assets under management, revenue, and profitability in our valuation model. Our new fair value implies a P/E multiple of 20.9 times our 2018 earnings estimate and 18.3 times our 2019 earnings estimate, well within the firm's trading range of 20.0 (20.8) times trailing earnings on average during the past five (10) years.BlackRock turned in a stellar 201...
BlackRock is an investment management firm. The company provides a range of investment and technology services to institutional and retail clients worldwide. Products are provided directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares? exchange-traded funds, separate accounts, collective investment trusts and other pooled investment vehicles. The company also provides technology services, including the investment and risk management technology platform, Aladdin?, Aladdin Wealth, eFront, Cachematrix and FutureAdvisor, as well as advisory services and solutions to a base of institutional and wealth management 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.
We have operations in 27 countries.
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