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Broadridge Financial Solutions Inc BR

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Morningstar’s Analysis

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Broadridge Financial Solutions Beats and Raises as Retail Investors Boost Position Growth

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Broadridge reported a strong fiscal third quarter, beating estimates and raising its outlook. Broadridge reported revenue of $1.39 billion, about 8% above the FactSet consensus of $1.28 billion and adjusted EPS of $1.76 topped the consensus of $1.67. Broadridge’s regulatory business continues to be on fire as the retail trading boom has led to increased position growth. Overall, we will maintain our narrow moat rating but plan to increase our fair value estimate to $142 from $128 to account for higher position growth and the acquisition of Itiviti partially offset by a lower long-term tax rate.

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Company Profile

Business Description

Broadridge, which was spun off from ADP in 2007, is a leading provider of investor communications and technology-driven solutions to banks, broker/dealers, asset managers, wealth managers, and corporate issuers. Broadridge is composed of two segments: investor communication solutions and global technology and operations.

5 Dakota Drive, Suite 300
Lake Success, NY, 11042
T +1 516 472-5400
Sector Technology
Industry Information Technology Services
Most Recent Earnings Mar 31, 2021
Fiscal Year End Jun 30, 2021
Stock Type Classic Growth
Employees 12,000