Good Growth in FUMA but Weaker Margins Weigh on IOOF Result; FVE Lowered to AUD 10.00
Our fair value estimate for narrow moat-rated IOOF Holdings is lowered to AUD 10.00 per share from AUD 10.30 following a weaker-than-expected interim fiscal 2017 result and softer near- to medium-term earnings forecasts. Good net flows and growth in funds under management and administration, or FUMA, and tight cost control were more than offset by a lower gross margin across all wealth businesses. Gross margin contracted four basis points on first-half fiscal 2016 and three basis points on seco...IOOF Holdings is engaged in the financial services industry. Co. provides a range of wealth management solutions for Australians, including: financial advice and distribution services via its network of financial advisers and stockbrokers; platform management and administration such as superannuation and investment administration platforms for advisers, their clients and employers in Australia; investment management products that are designed for investors; and trustee services, including estate planning and administration, personal trustee services, self-managed super fund solutions and corporate trust.
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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