Higher Equity Markets Drive a Modest Increase in Perpetual’s FVE
A moderate increase in our equity market growth assumptions because of a lower interest rate outlook prompts an upgrade in narrow-moat Perpetual’s fair value estimate to AUD 40.00 per share, from AUD 37.20. Higher equity markets have the compounding effect of contributing to funds under management, or FUM, growth in its core investments division and market-related revenue growth in its private division. Nevertheless, we expect the positive contribution from higher markets to be tempered by eleva...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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