Challenger's Profit Downgrade Prompts Reduction in FVE to AUD 10.80
No-moat Challenger’s profit downgrade results in a fair value estimate cut to AUD 10.80 per share from AUD 12.60. The profit downgrade was driven by cash operating earnings margin compression as well as lower funds management fees stemming from recent market volatility. Challenger reduced underlying profit before tax guidance for fiscal 2019 by 7.8% to AUD 545 million-565 million from around AUD 591 million-613 million. Its first-half fiscal 2019 statutory profit is also expected to fall signifi...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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