Prudential has profited from Exemplary stewardship but valuation is rich for this no-moat franchise.
Prudential reported first-half 2018 IFRS operating profit of GBP 2.4 billion. This is above our estimates, but as we still believe the business does not benefit from competitive advantages, we are maintaining our GBX 1,690 per share fair value estimate and no-moat rating.The results were relatively broad-based, though the United Kingdom asset management business that Prudential is looking to separate posted lower net inflows. The strongest of the group’s businesses, Jackson, in the United State...
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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