Challenger’s FVE Cut on Reduced Equity Growth Assumption and Intensifying Adviser Disruptions
We have cut no-moat Challenger Group’s fair value estimate to AUD 8.20 per share from AUD 9.25 primarily because of a reduction in the firm’s growth assumption for its equity portfolio from fiscal 2020 and disruptions in its key financial adviser distribution channel. Challenger’s updated guidance results in only a minor reduction in fiscal 2019 underlying net profit after tax, or NPAT, to AUD 398 million from the previous AUD 402 million. The damage occurs from fiscal 2020, with underlying NPAT...Challenger is an investment manager with offices in Australia and London. Co.'s operating segments are: Life and Funds Management (FM). The Life segment comprises Challenger Life Company Limited (CLC), a provider of annuities and guaranteed retirement income products, and Accurium Pty Limited, a provider of self-managed superannuation fund actuarial certificates. The FM segment comprises Fidante Partners and Challenger Investment Partners (CIP). Fidante Partners provides administration and distribution services. CIP develops and manages assets under Co.'s brand for CLC and third party institutional investors. The investments managed by CIP are mainly in fixed income and commercial property.
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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