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Invesco Ltd IVZ

Morningstar Rating
$15.34 −0.28 (1.79%)
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Company Report

US-Based Asset Managers: Equity Market Rally Erased Margin of Safety Needed to Consider the Group

All the US-based asset managers we cover have reported their December-quarter earnings, and in some cases revealed assets under management, or AUM, data for January 2024. We now have a better sense of how recent market activity has been affecting results. In our third-quarter earnings wrap, we had assumed that the malaise that had crept into the markets during August-October 2023 might continue through the rest of the year.

Price vs Fair Value

IVZ is trading at a 10% discount.
Price
$15.34
Fair Value
$53.00
Uncertainty
High
1-Star Price
$72.38
5-Star Price
$42.80
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

With $1.584 trillion in AUM at the end of January 2024, Invesco is in the second-largest tier of U.S.-based asset managers, which includes firms like Pimco and Capital Group.

Bears

Invesco's overall investment performance is still weaker than it should be with just 64% and 71% of actively managed assets outperforming peers on a both a three- and five-year basis, respectively, at the end of last year.

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News

Trading Information

Previous Close Price
$15.62
Day Range
$15.3215.68
52-Week Range
$12.4818.71
Bid/Ask
$15.08 / $16.02
Market Cap
$6.89 Bil
Volume/Avg
6.1 Mil / 5.9 Mil

Key Statistics

Price/Earnings (Normalized)
10.81
Price/Sales
1.23
Dividend Yield (Trailing)
5.22%
Dividend Yield (Forward)
5.22%
Total Yield
7.94%

Company Profile

Invesco provides investment-management services to retail (66% of managed assets) and institutional (34%) clients. At the end of January 2024, the firm had $1.584 trillion in assets under management spread among its equity (53% of AUM), balanced (4%), fixed-income (20%), alternative investment (11%), and money market (12%) operations. Passive products account for 38% of Invesco's total AUM, including 63% of the company's equity operations and 14% of its fixed-income platform. Invesco's U.S. retail business is one of the 10 largest nonproprietary fund complexes in the country. The firm also has a meaningful presence outside of North America, with 29% of its AUM sourced from Europe, Africa, and the Middle East (14%) and Asia (15%).
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Small Value
Total Number of Employees
8,489

Competitors

Valuation

Metric
IVZ
BLK
TROW
Price/Earnings (Normalized)
10.8121.2013.96
Price/Book Value
3.032.51
Price/Sales
1.236.633.70
Price/Cash Flow
5.4223.1123.32
Price/Earnings
IVZ
BLK
TROW

Financial Strength

Metric
IVZ
BLK
TROW
Quick Ratio
2.3011.716.04
Current Ratio
2.3015.466.04
Interest Coverage
−3.0523.88
Quick Ratio
IVZ
BLK
TROW

Profitability

Metric
IVZ
BLK
TROW
Return on Assets (Normalized)
2.34%4.72%14.28%
Return on Equity (Normalized)
6.19%14.85%19.00%
Return on Invested Capital (Normalized)
2.87%11.29%15.96%
Return on Assets
IVZ
BLK
TROW
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Economic Moat
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