Testing Times Ahead for Platinum as Recent Underperformance Threatens Flows
We’ve reduced our fair value estimate for narrow-moat-rated Platinum to AUD 5.50 per share from AUD 6.40 after updating our near- to medium-term assumptions on FUM, revenue, and profitability. Our new fair value estimate implies a P/E multiple of 19.8 times our 2019 earnings estimate, 18.8 in 2020 earnings estimate, and 18.3 in 2021. We apply a 9% weighted average cost of capital in our valuation.Key tailwinds supporting the industry include: (i) a growing managed fund base, driven by Australia...
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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