Franklin Resources Inc

BEN: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$79.00	Mjqhw	Nlpszzrbg

Franklin Resources Earnings: Continued Equity and Credit Market Headwinds Offset Recent Results

Greggory Warren

Oct 31, 2023

While there was little in Franklin Resources' fiscal fourth-quarter results that would alter our long-term view of the narrow-moat firm, we expect to lower our $28 per share fair value estimate 5%-10% to account for the impact that continued equity and credit market headwinds will have on results in both the near and long term. We view the shares as being modestly undervalued.

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