There was little in narrow-moat Invesco's first-quarter results that would alter our long-term view of the firm. We are leaving our $17 per share fair value estimate in place and view the company's shares as being modestly undervalued relative to the April 23 trading price.
With $1.663 trillion in AUM at the end of March 2024, Invesco is in the second-largest tier of U.S.-based asset managers, which includes firms like Pimco and Capital Group.
Invesco's overall investment performance is still weaker than it should be with just 64% and 71% of actively managed assets outperforming peers on a both a three- and five-year basis, respectively, at the end of last year.
|
Metric
|
IVZ
|
BLK
|
TROW
|
|---|---|---|---|
Price/Earnings (Normalized) | 10.33 | 20.12 | 14.31 |
Price/Book Value | 0.66 | 2.87 | 2.56 |
Price/Sales | 1.24 | 6.23 | 3.78 |
Price/Cash Flow | 4.82 | 25.39 | 23.83 |
|
Metric
|
IVZ
|
BLK
|
TROW
|
|---|---|---|---|
Quick Ratio | 2.30 | 11.71 | 6.04 |
Current Ratio | 2.30 | 15.46 | 6.04 |
Interest Coverage | −3.05 | 23.88 | — |
|
Metric
|
IVZ
|
BLK
|
TROW
|
|---|---|---|---|
Return on Assets (Normalized) | 2.34% | 4.72% | 14.28% |
Return on Equity (Normalized) | 6.19% | 14.85% | 19.00% |
Return on Invested Capital (Normalized) | 2.82% | 11.29% | 15.96% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
BLK
| BlackRock Inc | Cgfrswsklw | Tsfl | $111.2 Bil | |
BX
| Blackstone Inc | Cvlgdhc | Tqpvsd | $92.7 Bil | |
KKR
| KKR & Co Inc Ordinary Shares | Ggjcvptl | Gxfmx | $83.6 Bil | |
AMP
| Ameriprise Financial Inc | Hvcfdcvtc | Lbzpkq | $42.2 Bil | |
BK
| Bank of New York Mellon Corp | Blfvtjwcb | Qbqx | $41.3 Bil | |
TROW
| T. Rowe Price Group Inc | Dscbmznsm | Gcsbp | $24.3 Bil | |
STT
| State Street Corporation | Pkbcydj | Slw | $22.5 Bil | |
NTRS
| Northern Trust Corp | Wngvxswmvz | Gqjmc | $16.7 Bil | |
CG
| The Carlyle Group Inc | Hswdmmmkj | Mplhmj | $16.2 Bil | |
BEN
| Franklin Resources Inc | Ypyqsqzcx | Mgkrvjp | $13.5 Bil |
