No Change to Narrow Moat-Rated Magellan’s Positive Outlook and FVE Following Coverage Transfer
We confirm our AUD 27.00 per share fair value estimate for global fund manager Magellan Financial Group as we transition coverage to a new analyst. Our narrow moat, high fair value uncertainty, and Standard stewardship ratings are unchanged. At current prices, the stock is trading 13% below our valuation. We confirm our fiscal 2018 cash profit forecast of AUD 230 million and fully franked dividend of AUD 1.03 per share based on a 77% payout. If achieved, our fiscal 2018 cash profit forecast will...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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