Brand and Switching Costs Support Perpetual’s Narrow Moat; FVE Intact Following Coverage Transfer
We confirm our AUD 52 per share fair value estimate for Perpetual Limited as we transition coverage to a new analyst. Our narrow moat, medium fair value uncertainty and Standard stewardship ratings are unchanged. At current prices, the stock is fair value. We confirm our fiscal 2018 cash profit forecast of AUD 140 million and fully franked dividend of AUD 2.70 per share based on a 90% payout. Our positive view on the outlook for the broader wealth management sector remains intact as we expect th...Perpetual is engaged in funds management, portfolio management, financial planning, trustee, responsible entity and compliance services, executor services, investment administration and custody services. Co. operates in three segments: perpetual investments, which is a manufacturer of financial products, management and investment of monies on behalf of private, corporate, superannuation and institutional clients; perpetual private, which provides a range of investment and non-investment products and services; and perpetual corporate trust, which provides fiduciary services incorporating safe-keeping and recording of assets and transactions as custodian.
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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