Transfer of Analyst Coverage; IOOF's FVE Lowered to AUD 9.20 but Positive Long-Term Outlook Intact
We transfer analyst coverage of IOOF Holdings. We reduce our fair value estimate to AUD 9.20 per share from AUD 10.00 on lower funds under management, advice and administration, or FUMA, growth assumptions. As part of the transfer of analyst coverage, we have also reviewed IOOF’s other key data points. Our fair value uncertainty rating is lowered to medium from high as it better reflects the company’s diversified, vertically integrated wealth management business. We maintain narrow moat and Stan...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.
We have operations in 27 countries.
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