Insignia Financial Ltd
IFL: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$1.40 | Zvfsq | Pdykgmd |
Insignia: Higher-Than-Expected Outflows but Structural Improvements Are Progressing
We lower our fair value estimate for no-moat Insignia to AUD 3.40 per share from AUD 3.60, after increasing our projected net outflows. This follows Insignia’s funds under administration and management update for the first three months of fiscal 2024. Net outflows were AUD 1.4 billion, already surpassing our prior full-year forecast of AUD 1.2 billion. Of this, around AUD 1.2 billion was redeemed from its older MLC Wrap product.