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Invesco Ltd IVZ

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Morningstar’s Analysis

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1-Star Price

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5-Star Price

PREMIUM

Economic Moat

PREMIUM

Stewardship

PREMIUM

Inflows and Market Gains Lift Invesco's 3Q Results; Raising FVE to $13 per Share

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

While there was little in narrow-moat Invesco's third-quarter results that would alter our long-term view of the firm, we are raising our fair value estimate to $13 per share from $12 to account for better flow and market performance than we had been forecasting through the first nine months of the year. Invesco closed out September 2020 with $1.218 trillion in managed assets, up 6.4% sequentially and 2.9% on a year-over-year basis. Net long-term inflows of $7.8 billion during the third quarter were better than our forecast for $6.7 billion, with most of the difference due to stronger institutional flows. Even so, Invesco remains on pace to generate negative organic AUM growth in a mid- to high-single-digit range this year. 

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Company Profile

Business Description

Invesco provides investment management services to retail (69% of managed assets) and institutional (31%) clients. At the end of September 2020, the firm had $1.218 trillion in assets under management spread out among its equity (49% of AUM), balanced (6%), fixed-income (23%), alternative investment (14%), and money market operations. Passive products accounted for 26% of Invesco's total AUM--44% of the company's equity operations and 12% of its fixed-income platform--at the end of September 2020. 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 the U.S., with just under 30% of its AUM sourced from Canada (2%), the U.K. (5%), continental Europe (11%), and Asia (12%).

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 Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 8,717

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