Perpetual Well Positioned for Market Volatility. Fair Value Unchanged at AUD 48.00
Perpetual Limited’s modest increase in average funds under management, or FUM, to AUD 30.5 billion for first-quarter fiscal 2017 was expected with average FUM up only 1% on the prior quarter average of AUD 30.2 billion. First-quarter average FUM is marginally above our fiscal 2017 forecast average of AUD 30 billion and our fiscal 2017 net profit after tax, or NPAT, forecast is unchanged. Our positive long-term view on Perpetual continues to play out and our DCF-based fair value estimate of AUD 4...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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