There was little in no-moat-rated AllianceBernstein's first-quarter results that would alter our long-term view of the firm. We are leaving our $35 per share fair value estimate in place and view the company's shares as being slightly undervalued right now.
With 41% of its AUM invested in global/international funds, and 27% of its managed assets sourced from non-U.S. domiciled clients, we consider AB to be a more global asset manager than its U.S.-based peers.
Despite generating much of its fixed-income AUM growth from the Asia-Pacific region, flows for bond funds will be affected during periods of rising and falling U.S. interest rates.
|
Metric
|
AB
|
IVZ
|
BLK
|
|---|---|---|---|
Price/Earnings (Normalized) | 12.16 | 9.72 | 20.19 |
Price/Book Value | 1.86 | 0.45 | 2.88 |
Price/Sales | 12.27 | 1.16 | 6.25 |
Price/Cash Flow | 12.48 | 4.96 | 25.49 |
|
Metric
|
AB
|
IVZ
|
BLK
|
|---|---|---|---|
Quick Ratio | — | 2.30 | 11.71 |
Current Ratio | — | 2.30 | 15.46 |
Interest Coverage | — | −3.05 | 23.88 |
|
Metric
|
AB
|
IVZ
|
BLK
|
|---|---|---|---|
Return on Assets (Normalized) | 35.54% | 2.34% | 4.72% |
Return on Equity (Normalized) | 35.55% | 6.19% | 14.85% |
Return on Invested Capital (Normalized) | — | 2.82% | 11.29% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
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CG
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BEN
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