The Precipitous Market Fall Drives a Reduction Perpetual’s Fair Value Estimate
The precipitous fall in the Australian All Ordinaries Index since June 30, 2018, and the expectation of future tightening of credit drives a reduction in narrow-moat Perpetual Ltd.'s fair value estimate to AUD 36.30 per share from AUD 44.50. We now forecast underlying net profit after tax, or NPAT, for fiscal 2019 of AUD 120.7 million, down from our previous forecast of AUD 136 million and fiscal 2018 NPAT of AUD 139.0 million. At our fair value estimate the stock trades on a fiscal 2019 P/E mul...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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