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Eaton Vance Corp EV

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Morningstar’s Analysis

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Positive Flows and Market Gains Lift Eaton Vance's AUM During Fiscal Q4; Raising FVE to $63

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

While there was little in narrow-moat Eaton Vance's fiscal fourth-quarter results that would alter our long-term view of the firm, we are increasing our fair value estimate to $63 per share from $56 per share to reflect the takeout price being paid by Morgan Stanley to acquire the firm (equal to $28.25 per share in cash plus 0.5833 shares of Morgan Stanley common stock at a price of $60.27 per share). Eaton Vance closed out the October quarter with $515.7 billion in assets under management, up 1.6% sequentially and 3.7% year over year. Net inflows of $5.2 billion were particularly robust, representing 4.2% annualized growth, with most of the flows coming from the firm's fixed-income segment. Even so, the firm closed out fiscal 2020 with annual organic growth at 1.0%, its lowest since fiscal 2014.

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Company Profile

Business Description

Eaton Vance provides asset-management and investment advisory services to institutional and individual investors. The firm specializes in tax-managed equity and fixed-income investments and is the third-largest issuer of closed-end funds. Investment advisory services are primarily provided to high-net-worth clients, institutional separate accounts, and retail managed accounts, with most products distributed through financial intermediaries in the advisory channel. The company had $515.7 billion in assets under management at the end of October 2020, composed of equity (26% of AUM), fixed-income (14%), floating-rate bank loan (6%), alternative asset (1%), and money market funds, as well as assets managed under its implementation services (34%) and exposure management (18%) platforms.

Two International Place
Boston, MA, 02110
T +1 617 482-8260
Sector Financial Services
Industry Asset Management
Most Recent Earnings Jul 31, 2020
Fiscal Year End Oct 31, 2020
Stock Type High Yield
Employees 1,871