Magellan Financial Reports a Sound Underlying Result; FVE Unchanged
We maintain our AUD 24.00 per share fair value estimate for narrow moat-rated Magellan Financial Group despite first-half fiscal 2017 NPAT declining 20% on first-half fiscal 2016. In our opinion, the global asset manager continues to perform strongly with no major surprises in the underlying result. The sharp fall in performance fees was expected and at current levels, the shares remain fairly priced.We have made some modest changes to our forecasts. Our positive long-term view on Magellan is...
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.
We have operations in 27 countries.
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