Invesco's path to prosperity depends on solid organic growth and improved profitability levels.
We've lowered our fair value estimate for narrow-moat Invesco to $38 per share from $40 after updating our assumptions about assets under management, revenue, and profitability following the release of second-quarter results. The company closed out the June quarter with $963.3 billion in managed assets, up 12.2% year over year and 3.1% sequentially. Excluding the impact of the Guggenheim and Source acquisitions, which added $26.0 billion and $38.2 billion in ETF AUM in the third quarter of 2017 ...
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