Funds management giant Magellan is worth twice what its share price indicates, according to Morningstar, as a new chief executive, staff retention efforts and slowing outflows improve the outlook for the hard-hit firm.

Morningstar has placed a fair value estimate on the company’s share price of $31.30, more than double the $15.23 level at which the shares closed on Monday, and pointed to encouraging signs that the business has entered into a calmer phase after months of turbulence.