APRA’s Unprecedented Action Against IOOF Forces a Material Downgrade to Its FVE
Following the Australian Prudential Regulation Authority’s, or APRA’s, unprecedented action seeking to disqualify several of narrow-moat IOOF’s leadership team we have reduced its fair value estimate to AUD 5.00 per share from AUD 9.30, increased its uncertainty rating to very high from high, increased its cost of equity to 11% from 9%, and downgraded its stewardship rating to Poor from Standard. We believe all employees facing APRA’s disqualification order will eventually leave the company. IOO...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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