BT Investment Management Reports a Strong Underlying 1H17 Result; FVE Raised to AUD 10.90.
We raise our fair value estimate to AUD 10.90 per share from AUD 10.50 for narrow moat-rated BT Investment Management post the interim fiscal 2017 result. Our forecasts increase around 3% reflecting modest changes to funds under management, or FUM, base management fee margin, and cost assumptions. Forecast five-year CAGR in cash EPS is 7.6% to fiscal 2021, with FUM growth supported by investment in new products and new markets. We have a positive view on the long-term outlook for the wealth mana...
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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