Perpetual’s Solid First-Half 2017 Profit Beats Expectations; FVE Increased to AUD 50
Narrow-moat-rated Perpetual’s surprise increase in first-half fiscal 2017 underlying profit (up 3%) to AUD 65.7 million exceeded our expectation and consensus estimates. The fully franked interim dividend increased 4% to AUD 1.30 per share. We like Perpetual’s leverage to equity market performance; higher average funds under management, or FUM; and disciplined cost management despite continued investment for future growth. The group margin was broadly stable around 0.36%, and return on equity, o...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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