Broadridge Financial Solutions Inc

BR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$965.00	Yymvn	Mjfpfcs

We're Sunny on Position Growth in Broadridge's Crown Jewel Regulatory Communications Business

Rajiv Bhatia

Jan 28, 2022

After doing a deep dive into narrow-moat-rated Broadridge Financial Solutions as well as updating our model, we are increasing our fair value estimate to $175 per share from $158 as we tweak our revenue and operating income forecasts higher. Broadridge’s regulatory communications business, which consists of equity proxy deliveries and mutual fund and exchange-traded fund interim communications, constitutes a disproportionate share of the firm’s adjusted net income. We believe that the rise of the retail investor and direct indexing are secular trends that will support position growth in the years ahead.

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