BUZZ — Australia's L1 Group slips, Morningstar says shares overvalued

* Shares of Australia's L1 Group fall 1.7% to A$1.15, set for worst session since October 1 if current losses hold * Morningstar analysts say group's current share price reflects expectations of strong investment returns, sustained net inflows and expanding margins, a combination they view as unlikely * Adds Platinum, which the asset manager merged with last year, keeps losing funds and expects L1 Capital inflows to also slow in the medium term * Forecasts underlying net profit after tax to average A$177 million ($123.88 million) per year over the next five years, below the A$189 million earned in FY26 * Notes co's funds under management continued to grow in the first quarter of FY27, reaching A$19.3 billion in September * Says L1's strategies are still drawing inflows, and outflows from Platinum are smaller than expected * Stock up 8.5% YTD ($1 = 1.4288 Australian dollars) (Reporting by Shruti Agarwal in Bengaluru) ((Shruti.Agarwal@thomsonreuters.com;)