Pendal Remains our Preferred Asset Manager, FVE Reduced 6% to AUD 10.30
We’ve reduced our fair value estimate for narrow-moat-rated Pendal Group to AUD 10.30 per share from AUD 11 after updating our near- to medium-term assumptions about funds under management, revenue and profitability. Our new fair value estimate implies a P/E multiple of 17.5 times our fiscal 2019 earnings estimate, 17.7 times our fiscal 2020 earnings estimate, and 17.6 times our fiscal 2021 earnings estimate. We apply a 9% cost of capital in our valuation. Pendal remains our preferred asset mana...Pendal Group is engaged in the provision of investment management services. Co.'s operating segments comprise the investment management business in Australia (BTIM Australia) and outside of Australia (BTIM International). BTIM International comprises the BTIM (UK) Limited group of 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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