Invesco Ltd

IVZ: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$33.00	Jdwt	Vhtmzdsdr

Invesco: Lowered Moat Rating to None From Narrow on Diminished Intangible Assets

Greggory Warren

Sep 20, 2024

We've lowered our moat rating for Invesco to none from narrow. Our fair value estimate remains in place at $18 per share. While Invesco has some moatworthy characteristics—such as, a well-known brand, well-forged distribution ties, repeatable investment strategies, and an ability to generate organic growth—these attributes and other intangible assets have diminished more than we expected in the past five years.

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