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.
With $1.752 trillion in AUM at the end of August 2024, Invesco is in the second-largest tier of US-based asset managers, which includes firms like Pimco and Capital Group.
Invesco's overall investment performance is still weaker than it should be with just 65% and 76% of managed assets outperforming peers on a both a three- and five-year basis, respectively, at the end of June 2024.
|
Metric
|
IVZ
|
BEN
|
TROW
|
|---|---|---|---|
Price/Earnings (Normalized) | 11.16 | 7.84 | 12.84 |
Price/Book Value | 0.75 | 0.84 | 2.46 |
Price/Sales | 1.38 | 1.27 | 3.61 |
Price/Cash Flow | 4.80 | 7.96 | 16.57 |
|
Metric
|
IVZ
|
BEN
|
TROW
|
|---|---|---|---|
Quick Ratio | 1.88 | 3.48 | 9.35 |
Current Ratio | 1.88 | 3.48 | 9.35 |
Interest Coverage | −2.26 | 15.08 | — |
|
Metric
|
IVZ
|
BEN
|
TROW
|
|---|---|---|---|
Return on Assets (Normalized) | 2.50% | 4.44% | 15.25% |
Return on Equity (Normalized) | 6.60% | 11.27% | 20.19% |
Return on Invested Capital (Normalized) | 2.96% | 4.98% | 17.04% |
|
1-Day Chart
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Name
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Price
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United States