Morningstar

Morningstar, Inc.

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Narrow-moat rated global asset manager Pendal Group delivered a clean, positive fiscal year 2018 result. Cash NPAT increased 17% to AUD 201.6 million compared with fiscal 2017, beating our forecast by 5%. We particularly liked the 10% increase in average funds under management, or FUM, the 14% increase in revenue, and the 16% increase in dividends. The 15% franked final dividend of AUD 30 cents per share takes total dividends to AUD 52 cents per share, equivalent to a dividend yield just over 6%…

Narrow-moat-rated Pendal Group was recently placed on our Global Best Ideas list and remains our preferred pure play domestic asset manager. We particularly like the firm’s diversity across asset class exposures and geography, as well as growth opportunities being explored in the United States. Furthermore, the industry continues to benefit from favourable demographic tailwinds and secular growth in compulsory superannuation contributions. On the other hand, the industry continues to face fee…

Narrow-moat-rated Pendal Group surprised with stronger-than-expected first-half 2018 fiscal results. A 30% increase in NPAT to AUD 114.5 million for the half was driven by strong market performance and favourable currency movements, partially offset by net outflows. A sixth successive increase in the interim dividend--this time a 16% hike to AUD 22 cents--highlights the company's strong cash flow generation. Our forecast adjustments to revenue and costs largely cancel each other out, resulting…

Narrow-moat BT Investment Management’s funds under management update for Dec. 31, 2017, delivered a weaker-than-expected net flows number of AUD 1.9 billion but a strong increase in performance fee income to AUD 47.5 million from U.K.-based JO Hambro. In addition, FUM increased 2.4% to AUD 98.1 billion, up from AUD 95.8 billion at Sept. 30, 2017, on the back of positive market revaluations. Our fiscal 2018 cash profit forecast of AUD 196 million is unchanged, as our forecasts were very close to…

Narrow-moat-rated BT Investment Management reported a statutory net profit, or NPAT, of AUD 147.5 million and a cash NPAT of AUD 173.1 million, up 4% and 11%, respectively--the latter beating our estimates by approximately 9% on stronger-than-anticipated fund flows. Furthermore, the board declared a final dividend of AUD 26 cents, up 8% on the previous fiscal year, but towards the lower end of management’s 80%-90% target range as funds are preserved for not only capital investment but also the…

Australia

Pendal Group Limited operates as an investment management company. The Company focuses on portfolio management and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies. Pendal Group serves customers in Australia.

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