IVZ - Invesco: No Pricing Power In An Inflationary Environment
2024-02-21 02:28:45 ET
Summary
- Invesco's net outflows are petering out as of the end of the quarter as the market improves, but there is still the massive passive shift going on.
- Expenses are flat YoY due to some one-off expenses, despite the cost savings plan, but even without one-offs, margins are falling due to underlying inflationary effects.
- The lack of pricing power in the industry and increasing competition on price make it difficult for businesses like IVZ to make a growth case.
- Its cost savings plan has also already been exhausted. 9x P/E appropriate for a highly limited-in-income-growth business.
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Invesco: No Pricing Power In An Inflationary Environment