Report
David Ellis
EUR 101.80 For Business Accounts Only

Perpetual’s Private & Corporate Trust Segments Underpin Solid 1H18 Results; AUD 52 FVE Unchanged

Our fair value estimate of AUD 52.00 per share for narrow-moat Perpetual Limited is unchanged following a solid first-half fiscal 2018 result. First-half group underlying NPAT increased by an impressive 9% from first-half 2017 to AUD 71.5 million, precipitating a moderate upgrade in our fiscal 2018 underlying NPAT forecast to AUD 143 million, from AUD 140 million. The company’s fully franked interim dividend of AUD 1.35 per share was 4% higher than the fiscal 2017 interim dividend, also promptin...
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Morningstar
Morningstar

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.

Analysts
David Ellis

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