Magellan Delivers a Strong in Line Underlying FY17 Result; FVE Unchanged
We maintain our AUD 27.00 per share fair value estimate for narrow-moat rated Magellan Financial Group following the fiscal 2017 result. The strong underlying performance was largely as expected with base management and service fees up 15% to AUD 307 million driven by 16% growth in average funds under management, or FUM, and maintenance of the 0.66% fee margin. We maintain our positive view on Magellan’s long-term earnings outlook given its long-term investment track record and specialist absolu...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.
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