There was little in narrow-moat Invesco's second-quarter results to alter our long-term view of the firm. We are leaving our $17 per share fair value estimate in place and view the company's shares as only slightly undervalued relative to today's trading price.
With $1.663 trillion in AUM at the end of March 2024, Invesco is in the second-largest tier of U.S.-based asset managers, which includes firms like Pimco and Capital Group.
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.
|
Metric
|
IVZ
|
BLK
|
BEN
|
|---|---|---|---|
Price/Earnings (Normalized) | 11.94 | 21.59 | 8.61 |
Price/Book Value | 0.54 | 3.21 | 0.94 |
Price/Sales | 1.36 | 6.88 | 1.41 |
Price/Cash Flow | 5.26 | 29.84 | 8.84 |
|
Metric
|
IVZ
|
BLK
|
BEN
|
|---|---|---|---|
Quick Ratio | 1.78 | 10.39 | 3.48 |
Current Ratio | 1.78 | 13.22 | 3.48 |
Interest Coverage | −2.54 | 22.50 | 15.08 |
|
Metric
|
IVZ
|
BLK
|
BEN
|
|---|---|---|---|
Return on Assets (Normalized) | 2.28% | 4.89% | 4.70% |
Return on Equity (Normalized) | 6.04% | 15.40% | 11.93% |
Return on Invested Capital (Normalized) | 2.71% | 11.52% | 5.28% |
|
1-Day Chart
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