Slightly Better Flows and Higher Fees Drive Waddell & Reed's Results; Increased FVE to $20 per Share
We've increased our fair value estimate for narrow-moat Waddell & Reed to $20 per share from $19 after somewhat stronger-than-expected results from the company through the first half of 2017. Outflows looked better than we had been forecasting for the year, leading us to revise our firmwide organic growth forecast for 2017 and 2018 to negative 16.2% and negative 13.0%, respectively (from negative 17.2% and negative 15.1% previously).Waddell & Reed closed out the June quarter with $80.4 ...
Waddell & Reed Financial is a holding company. Through its subsidiaries, the company provides investment management and advisory services, investment product underwriting and distribution, and shareholder services administration to the Ivy Funds,Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy High Income Opportunities Fund, and institutional accounts. The company also provides wealth management services, primarily to retail clients through Waddell & Reed, Inc. (W&R), and independent financial advisors associated with W&R, who provide financial planning and advice to their clients.
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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