“ This year, as well as in 2016, the bulk of assets under management per client were between R3m and R10m ”

- 2017 Top Private Banks & Wealth Managers survey

“ 60% of private bank clients rate the quality of advice they receive as ‘very good’ or ‘excellent’ ”

- 2017 Top Private Banks & Wealth Managers survey

“ The percentage of private banking clients who feel they receive excellent value for money decreased from 25% in 2016 to 17% this year ”

- 2017 Top Private Banks & Wealth Managers survey

“ Of the 100 largest JSE-listed companies 87 conducted BEE deals, 35 of those included public benefit organisations ”

- 2017 Empowerment Endowment

“ Assets under management of R5.5 trillion, up from R4.7 trillion last year, while they spent about R1.9bn in brokerage last year and the previous year. ”

- 2017 Ranking the Analysts survey

“ R32.6bn in endowments now held by foundations set up as a result of BEE deals that will support charitable activities ”

- 2017 Empowerment Endowment

“ The percentage of wealth management clients who are “extremely likely” to recommend their institution declined to 53% from 78% last year ”

- 2017 Top Private Banks & Wealth Managers survey

“ This year, 35% of wealth management clients say they receive excellent value for money, down from 54% last year ”

- 2017 Top Private Banks & Wealth Managers survey

“ More than 70% or wealth management clients rate the quality of the advice they receive as ‘very good’ or ‘excellent’ ”

- 2017 Top Private Banks & Wealth Managers survey

“ R51.6bn value created specifically for charitable recipients through BEE deals ”

- 2017 Empowerment Endowment
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Research methodology and disclaimer

Important disclosures for Moneyweb flash notes

Methodology

Guide to share price research recommendations

Forecasts are undertaken by Intellidex Investment Research and valuations determined on the basis of discounted free cash-flow to the firm modelling. Where cash-flows are negative or discounting cannot be performed for some reason, price multiple comparatives are used. In cases where the average cost of capital is less than the long-term growth estimate, constant growth model or exit multiple approach (enterprise value-to-Ebitda) may be applied. A buy recommendation is made if the intrinsic value is 10% higher than the current share price, a sell recommendation if it is 10% lower than current share price, a hold recommendation if it is in between.

The risk measure is a subjective determination guided by the beta of the share price. We also examine the financial and operating leverage of the business and assess wider macroeconomic conditions.

Important disclosures

This research note is prepared for Moneyweb Holdings Ltd, financial services website by Intellidex (Pty) Ltd, a company registered in South Africa, registration number: 2008/005881/07 (“Intellidex”). Intellidex is an independent company contracted to Moneyweb. The views expressed in this note are those of Intellidex and/or its analysts and not necessarily the views of Moneyweb or any officer or agent thereof.

Disclaimer

This research report was issued by Intellidex (Pty) Ltd. Intellidex aims to deliver impartial and objective assessments of securities, companies or other subjects. This document is issued for information purposes only and is not an offer to purchase or sell investments or related financial instruments. Individuals should undertake their own analysis and/or seek professional advice based on their specific needs before purchasing or selling investments. The information contained in this report is based on sources that Intellidex believes to be reliable, but Intellidex makes no representations or warranties regarding the completeness, accuracy or reliability of any information, facts, estimates, forecasts or opinions contained in this document. The information, opinions, estimates, assumptions, target prices and forecasts could change at any time without prior notice. Intellidex is under no obligation to inform any recipient of this document of any such changes. Intellidex, its directors, officers, staff, agents or associates shall have no liability for any loss or damage of any nature arising from the use of this document.

Remuneration and conflicts

The opinions or recommendations contained in this report represent the true views of the analyst(s) responsible for preparing the report. The analyst’s remuneration is not affected by the opinions or recommendations contained in this report, although his/her remuneration may be affected by the overall quality of their research, feedback from clients and the financial performance of Intellidex (Pty) Ltd.

Intellidex staff may hold positions in financial instruments or derivatives thereof which are discussed in this document. Trades by staff are subject to Intellidex’s code of conduct which can be obtained by emailing mail@intellidex.co.za.

Intellidex may also have, or be seeking to have, a consulting or other professional relationship with the companies mentioned in this report.

 

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