Platinum 1H17 Result in Line with Expectations; FVE Unchanged
Our AUD 6.30 per share fair value estimate for narrow-moat Platinum Asset Management is unchanged post the first-half fiscal 2017 result. The result was weak as expected with NPAT down 20% on the previous corresponding period to AUD 95.4 million, driven by a 12% fall in fee income which was in line with the decline in average funds under management, or FUM.We believe Platinum shares remain undervalued. We make minor changes to our forecasts but importantly retain our positive view on Platinum’s...
Platinum Asset Management is a non-operating holding company of Platinum Investment Management Limited. Co.'s subsidiary, Platinum Investment Management Limited, trades as Platinum Asset Management, operates a funds management business. Co. has two main operating segments: funds management, and investments and other.
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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