Federated Hermes Inc Class B

FHI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$91.00	Ntpp	Vxljvhs

An End to Fee Waivers Offsets the Impact of Declining Long-Term AUM Levels in Federated's Q3

Greggory Warren

Oct 28, 2022

While there was little in no-moat Federated Hermes' third-quarter results that would alter our long-term view of the firm, we expect to increase our fair value estimate to $35 per share from $33 owing to higher income streams from the company's money market operations than we had been forecasting. We view the shares as being slightly undervalued relative to our revised fair value estimate.

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