Broadridge Financial Solutions Inc

BR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$438.00	Lpfthvk	Lnqnxpmt

Broadridge Earnings: Trends Mostly Positive

Rajiv Bhatia

Aug 6, 2024

Broadridge reported a generally good finish to its seasonally strong fiscal fourth quarter. Position growth accelerated slightly and closed sales were strong. On the negative side, Broadridge took a $56 million restructuring charge and adjusted operating margins are expected to be flat next fiscal year. Our fiscal 2025 revenue and adjusted EPS estimates were within Broadridge's ranges. As we update our model, we expect to increase our fair value estimate of $195 for the narrow-moat company by a single-digit percentage due to modestly increasing our revenue forecasts and time value of money.

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