Broadridge Financial Solutions Inc

BR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$237.00	Qczjwcq	Blxkkvckr

Some Puts and Takes but Broadridge Performing Resiliently Amid Economic Uncertainty

Rajiv Bhatia

Nov 2, 2022

Narrow-moat Broadridge reported a decent start to its fiscal year. Fiscal first-quarter revenue of $1.28 billion came in above the FactSet consensus of $1.26 billion while adjusted EPS of $0.84 missed the consensus expectation of $0.88. While the market seems to be punishing Broadridge's shares for the modest EPS miss, there was little in Broadridge's fiscal first-quarter earnings release that would alter our long-term view of the firm, and we will maintain our fair value estimate of $185 on Broadridge's shares. As is often the case following its seasonally soft fiscal first quarter, Broadridge maintained its full-year guidance.

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