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Invesco Ltd IVZ

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Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Strong Inflows and Market Gains Lift Invesco's Q1 AUM to Record Levels

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

While there was little in narrow-moat-rated Invesco's first-quarter results that would alter our long-term view of the firm, we expect to increase our fair value estimate to $23 per share from $18 to account for the continued recovery in the markets following the steep COVID-19-induced sell-off in the March quarter of 2020, with Invesco seeing a marked rebound in flows in the near term as a result. More than half of the fair value estimate change comes from our belief that Invesco will have more in assets under management during 2021-25 than we previously forecast, with the remainder from a slightly better near-term fee and margin outlook.

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Company Profile

Business Description

Invesco provides investment management services to retail (70% of managed assets) and institutional (30%) clients. At the end of March 2021, the firm had $1.404 trillion in assets under management spread out among its equity (52% of AUM), balanced (6%), fixed-income (21%), alternative investment (13%), and money market (8%) operations. Passive products accounted for 28% of Invesco's total AUM--46% of the company's equity operations and 13% of its fixed-income platform--at the end of the first quarter of 2021. 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 the U.S., with close to one third of its AUM sourced from Canada (2%), the U.K. (5%), continental Europe (11%), and Asia (14%).

Contact
1555 Peachtree Street, N.E., Suite 1800, Two Peachtree Pointe
Atlanta, GA, 30309, Bermuda
T +1 404 892-0896
Sector Financial Services
Industry Asset Management
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 8,426

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