Royal Commission Prompts IOOF’s FVE Reduction to AUD 10.30 and High Uncertainty Rating
Expected higher compliance costs and lower fund flows because of the Royal Commission drive a reduction in narrow-moat IOOF’s fair value estimate to AUD 10.30 per share, from AUD 11.00. At our new fair value, IOOF has a fully franked fiscal 2018 dividend yield of 5.1%. Importantly, the AUD 10.30 fair value assumes IOOF is not required to break up its vertically integrated model, under which IOOF’s network of advisers acts as the major distributional channel for investments in its other investmen...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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