Transfer of Analyst Coverage; Platinum's FVE Down to AUD 5.90 but Long-Term Outlook Remains Positive
We transfer analyst coverage of Platinum Asset Management. Our narrow moat and medium uncertainty ratings are unchanged. We trim our fair value estimate to AUD 5.90 per share from AUD 6.30 reflecting lower funds under management, or FUM, growth assumptions. While short-term investment underperformance versus benchmark and recent fund outflows are currently weighing on the share price, the improvement in the investment performance over the past six months is encouraging and our positive long-term...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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