Invesco's Purchase of OppenheimerFunds Will Enhance Its Scale, but the Price Tag Concerns Us
We reduce our fair value estimate for narrow-moat Invesco to $28 per share from $35 after updating our assumptions about the company's assets under management, organic growth, revenue, and profitability following its announced purchase of OppenheimerFunds. While the combination, which will add higher-fee-generating AUM and the potential for some cost savings via the elimination of expense redundancies, looks additive to the firm's efforts, the issuance of 81.9 million shares of common stock (equ...
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