Reaffirming BT Investment Management’s Investment Case; AUD 10.50 FVE Unchanged
We reaffirm our AUD 10.50 per share fair value estimate and positive long-term investment view on narrow moat-rated BT Investment Management. The fund manager’s share price has fallen around 10% since our last update in mid-January 2017. At current levels, BT Investment Management shares are attractively priced, trading 9% below our fair value estimate, and paying a 4.1% partially franked yield.While the performance fee update in the December 2016 quarter funds under management, or FUM, release...
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