Invesco: A Growing Asset Manager Priced Like A Shrinking One

Impact · against what's priced in

The record inflows and margin expansion reported by Invesco are largely neutralized because the market already prices in stable AUM and high operating margins. While the author sees a valuation gap, the core data confirms the stability the price already assumes rather than providing a catalyst for the return to sustained revenue growth that the market currently declines.

IVZ+0.00

Already priced in

The price assumes

The operating margin expansion to 20% and 22.6% FCF margin

The reported adjusted operating margin of 37.5% exceeds the 20% already factored into the price, but since the market has already paid for significant margin expansion, this is a confirmation of an existing trend.

What IVZ's price assumes · Sep 1

• valuation
• earnings
• dividends
• IVZ
• asset management
• financials
• inflows

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