That fuddy duddy Morningstar, that used to have good analysts,...

That fuddy duddy Morningstar, that used to have good analysts, but subsequently outsourced to 'cheap analysts', has updated their valuations, and as usual are late to the party (lol thanks Morningstar for those that used to rely on their valuation models and paid their subscription fees for such services).

Well late fuddy duddy Morningstar has now recognised that because of numerous acquisition of no moat fund management businesses, the total future earnings model of PPT has changed whereby the weight of earnings is now heavily skewered to funds management businesses with future declining earnings.

So anyway here is updated future earnings estimates:



Notice the hammering in both future earnings and future dividends.

And given Morningstar also completely stuffed up their valuations for both Magellan and Platinum, I would be very very weary.

Again unlike Magellan and Platinum, Perpetual still has Private Wealth and Corporate.

So there is an intrinsic value.