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Broadridge Financial Solutions Inc BR Stock Quote

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Morningstar‘s Stock Analysis BR

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Broadridge Ends Fiscal Year With Healthy Quarter and Outlook

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Broadridge finished its fiscal year on a high note, which showcases its robust business model amid a more volatile macroeconomic environment. We are encouraged that Broadridge’s growth is coming from a multitude of factors. The core governance franchise remains strong despite a recently volatile market. Broadridge expects fiscal 2023 recurring revenue growth of 6%-9%, which implies $3.97 billion-$4.09 billion of revenue and compares favorably with our forecast of $3.94 billion. The firm’s outlook of adjusted EPS growth of 7%-11% implies adjusted EPS of $6.91-$7.17 and beat the FactSet consensus of $6.96 at the midpoint. We will maintain our narrow moat rating but expect to increase our fair value estimate by a single-digit percentage as we tweak our revenue forecasts higher.

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Business Description

Broadridge, which was spun off from ADP in 2007, is a leading provider of investor communications and technology-driven solutions to banks, broker/dealers, asset managers, wealth managers, and corporate issuers. Broadridge is composed of two segments: investor communication solutions and global technology and operations.

5 Dakota Drive, Suite 300
Lake Success, NY, 11042
T +1 516 472-5400
Industry Information Technology Services
Most Recent Earnings Mar 31, 2022
Fiscal Year End Jun 30, 2022
Stock Type Classic Growth
Employees 13,704