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Bank of New York Mellon Corp BK

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Morningstar’s Analysis

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Capital Allocation


SEI Does Not Feel Like a Value Trap to Us

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Shares of narrow-moat-rated SEI Investments have been sideways in recent months, and we believe the risk-reward profile skews favorably toward investors. While SEI certainly faces some headwinds and its sales trends can be choppy, we believe there is value in the firm’s shares, which we value at $71 per share based on our long-term focused, discounted cash flow model. As an analytical exercise, we believe that a sum-of-the-parts analysis values the company at $72, which also suggests the stock is undervalued. While we don’t believe SEI is particularly likely to be acquired, we do believe that if its valuation continues to be cheap, it could become interesting to a peer such as SS&C Technologies or a custody bank.

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Company Profile

Business Description

BNY Mellon is a global investment company involved in managing and servicing financial assets throughout the investment lifecycle. The bank provides financial services for institutions, corporations, and individual investors and delivers investment management and investment services in 35 countries and more than 100 markets. BNY Mellon is the largest global custody bank in the world, with about $41.1 trillion in under custody and administration (as of Dec. 31, 2020), and can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute, or restructure investments. BNY Mellon’s asset-management division manages about $2.2 trillion in assets.

240 Greenwich Street
New York, NY, 10286
T +1 212 495-1784
Sector Financial Services
Industry Asset Management
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 48,800