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SEI Investments Co SEIC

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Morningstar’s Analysis

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Equity Bull Market a Boost for SEI and Continued Strength in the Firm's Investment Managers Unit

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

SEI started 2021 with decent financial results as the firm is benefiting from equity market appreciation. First-quarter revenue of $456 million was a touch above the consensus at $455 million. Earnings per share of $0.89 was also above the FactSet consensus of $0.88. We are maintaining our narrow moat rating and modestly increasing our fair value estimate to $65 per share from $62 to reflect the market gains and growth in the firm's investment managers segment. While operating margin increased to 29.2% from 26.6% in the year-ago period, we expect some of this to subside as travel and compensation expenses catch up.

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Company Profile

Business Description

SEI Investments provides investment processing, management, and operations services to financial institutions, asset managers, asset owners, and financial advisors in four material segments: private banks, investment advisors, institutional investors, and investment managers. SEI also has a minority interest in LSV Asset Management, a value equity asset manager with about $94 billion in assets under management. As of Dec. 31, 2020, SEI (including LSV) manages, administers, or advises on about $1.2 trillion in assets.

1 Freedom Valley Drive
Oaks, PA, 19456
T +1 610 676-1000
Sector Financial Services
Industry Asset Management
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 3,988