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Envestnet Inc ENV

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Morningstar’s Analysis

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Beat and Raise Quarter for Envestnet, as Market Appreciation and Expense Favorability Boost Outlook

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Narrow-moat-rated Envestnet reported a solid quarter and a raised full-year outlook with financial results generally topping expectations. Revenue for the quarter of $289 million beat the FactSet consensus estimate of $284 million and the firm’s guidance of $281-$284 million. Likewise, adjusted EBITDA of $71.1 million and adjusted earnings of $0.67 beat the consensus of $60.9 million and $0.54, respectively. Given the strong quarter and market appreciation acting as a tailwind to asset-based revenue, we expect to raise our fair value estimate on Envestnet’s shares to $72 from $65.

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Company Profile

Business Description

Envestnet provides wealth-management technology and solutions to registered investment advisors, banks, broker/dealers, and other firms. Its Tamarac platform provides trading, rebalancing, portfolio accounting, performance reporting, and client relationship management software to high-end RIAs. Envestnet’s portfolio management consultants provides research services and consulting services to assist advisors, including vetted third-party managed account products. In November 2015, Envestnet acquired Yodlee, a provider of data aggregation.

35 East Wacker Drive, Suite 2400, 24th Floor
Chicago, IL, 60601
T +1 312 827-2800
Sector Technology
Industry Software - Application
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Speculative Growth
Employees 4,250