Diversification Pays Dividends for Perpetual as FY17 Result Beats Expectations; FVE Raised to AUD 52
We raise narrow-moat Perpetual Limited’s fair value estimate to AUD 52 per share from AUD 50 following a better-than-expected fiscal 2017 result. Underlying profit increased 7% to AUD 137 million, ahead of our forecast of AUD 130 million and consensus estimates around AUD 132 million. The final fully franked dividend increased AUD 5 cents to AUD 1.35 per share versus our forecast of a flat dividend. At current levels, Perpetual shares trade near our fair value estimate.The private client and co...
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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