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Broadridge Financial Solutions Inc BR

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Morningstar’s Analysis

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Broadridge Reports Strong Finish to Fiscal 2021 as It Benefits From Retail Investor Boom

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Broadridge Financial Solution reported a solid fiscal fourth quarter, with revenue of $1.53 billion beating the FactSet consensus by 4%. Adjusted EPS of $2.19 was in line with the consensus as the firm continues to invest in its offerings, particularly in the global technology and operations segment. As is customary, Broadridge provided its initial outlook for the next fiscal year, which was a touch above the consensus at the midpoint. While these results were solid, in our view, they were not enough to materially move the stock higher as the firm’s valuation has risen. We will maintain our narrow moat rating and expect to raise our fair value estimate to $158 per share from $142 as we take our revenue estimates higher.

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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 Jun 30, 2021
Fiscal Year End Jun 30, 2022
Stock Type Classic Growth
Employees 13,704