Perpetual’s FVE Unchanged Following Mixed Funds Update
Our AUD 50 per share fair value estimate for narrow-moat-rated Perpetual is unchanged following the third-quarter funds under management update. The headline FUM performance was strong, growing by AUD 1.0 billion, or 3.1%, over the prior quarter and 11.9% over the fiscal year to date, to AUD 32.9 billion. The growth over the past quarter was largely driven by market appreciation in Australian equity strategies. However, while net funds flows were positive at AUD 0.1 billion and a modest improvem...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.
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