Transferring Coverage of IOOF with Positive Outlook Intact; AUD 9.70 FVE Unchanged
We reaffirm our AUD 9.70 per share fair value estimate for IOOF Holdings as we transition coverage to a new analyst. Our narrow moat, medium fair value uncertainty and Standard stewardship ratings are unchanged. At current prices, the stock is trading 13% above our valuation. Our positive view on the long-term outlook for the Australian wealth management sector is intact. IOOF’s increasing scale and proven capabilities of its vertically integrated business model puts it in a good position to ben...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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