Tax Asset Revaluation Hurts 1Q Results; Capital Markets Growth Moderates for BMO
Bank of Montreal reported fiscal first-quarter results that do not alter our long-term thesis. We are increasing our fair value estimate to CAD 105 from CAD 104 based on the time value of money, and updating our estimate for U.S. shares to $82 from $83 based on updated exchange rates. Quarterly results were hurt by the revaluation of U.S. net deferred tax assets due to tax reform, but normalizing for this, net income was still down 7% compared with first-quarter 2017. Insurance claims were excep...
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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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