Pendal’s Disappointing 1H19 Prompts FVE Reduction; Magellan and Platinum Under Review
The transition of coverage to a new analyst and a precipitous fall in earnings prompts a reduction in narrow-moat Pendal Group’s fair value estimate to AUD 8.30 from AUD 10.30 per share.We also place Magellan Financial Group Limited and Platinum Asset Management Limited Under Review while we transition coverage to a new analyst.
First-half fiscal 2019 underlying net profit after tax, or NPAT, was 26.6% lower than the previous corresponding period, or pcp. The compounding impact of lower average...
Magellan Financial Group is engaged in funds management, providing international investment funds to high net worth and retail investors in Australia and New Zealand, and institutional investors globally. Co.'s main operating company is Magellan Asset Management Limited (MAM). Co.'s key operating segments are: Funds Management, in which MAM undertakes the funds management activities and MFG Services LLC acts as a service company providing MAM with services of investment analysts and distribution personnel; and Principal Investments, which include investments in the ASX Quoted Funds, the Unlisted Magellan Funds, and a select portfolio comprising Australian and international listed companies.
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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