Amundi released this morning its numbers for Q2 21. This was another record high quarter in terms of profit (first quarter with new CEO Valerie Baudson). The beat was yet mostly driven by a high level of performance fees (expected to normalise in the coming quarters). Net inflows were above expectations but rather in line for retail investors. The revision to the consensus will be therefore limited (we will revise upwards our EPS for FY2021).
Companies: Amundi (AMUN:EPA)Amundi SA (AMUN:PAR)
Amundi released this morning its numbers for Q1 21. Net income was sharply above expectations (+17%) but this was mostly driven by performance fees. Underlying numbers were also better than expected.
Net inflows were negative and below expectations but only driven by much lower cash products (institutional investors). At the same time, retail flows were comfortably above expectations and ours. We will revise upwards our expectations following this release (and consensus will probably do so as
Amundi announced this morning that it has entered into exlcusive negotiations with Société Générale for the acquisition of Lyxor for a total cash consideration of €825m (€755m excluding excess capital).
The price is above the €600m previously mentioned but is still reasonable given the synergies Amundi plans to implement. The operation will be earnings accretive considering the run-rate cost synergies (7%). More importantly, Amundi’s ETF franchise will be second in Europe. We view this deal as
Amundi released this morning its numbers for Q4 20 and FY2020. Net profit was above expectations, mainly driven by a higher level of performance fees at the revenue level. Net inflows were above expectations for both retail and corporate/institutional investors.
The share price has experienced weakness recently and the payment of a dividend (above the ECB recommendation) and the appointment of a new CEO alleviating any governance issues should reverse the negative momentum.
Companies: Amundi SA
Amundi this morning released its Q320 numbers. Gross operating income was roughly in line with expectations as reduced expenses offset lower-than- expected revenues. Net inflows were however well above expectations and this came from across the board (retail, JV and institutional/corporate investors).
Management put more color on its JV target with Bank of China where it expects breakeven by the end of 2021 and a €50m net profit by 2025 (net contribution at 100%).
Amundi released its numbers for H1 20. Gross operating income was 3% above expectations with lower expenses offsetting disappointing management fees (revenues were boosted by higher performance fees). Total AuM were in line with expectations and net inflows were almost equal to zero (better than expectations).
Amundi and Société Générale renewed their agreement on a five-year basis. However, it looks less interesting than the previous one as it gives SG the ability to introduce open architectur
Amundi released this morning its numbers for FY2019. At first sight, these were well above expectations (be it on the revenues or AuMs side). Revenues were yet only positively impacted by a high level of (volatile) performance fees while a single new mandate for the JV in India added €59.6bn of assets to the AuMs. Total expenses were also 4.3% above expectations (but mechanically driven by an increase in variable compensation).
Amundi and Banco Sabadell have announced an agreement whereby Amundi has purchased the Spanish bank’s AM division. They are also entering into a 10-year strategic partnership for the distribution of Amundi’s products in Banco Sabadell’s network. This deal will immediately add €21bn assets to Amundi’s AuMs and will be c.3% earnings accretive as of day one.
Amundi released this morning its numbers for Q3 19. The P&L numbers were roughly in line with expectations (revenues slightly higher than expected and our own forecasts, +1.5%). The key takeaway from the results is on the net inflows side as Amundi collected more than €40bn of net assets (vs about €12bn expected and €2bn for our own expectations).
Amundi released this morning its numbers for Q2 19. Revenues were 4% above expectations (mainly driven by performance fees). With costs higher than expected (+3.5%), gross operating income was slightly above expectations.
The key takeaway is that management is sticking to its 2020 guidance (net income above €1bn in 2020) but inflow targets are now less certain (would be offset by cost discipline to maintain the net income guidance).
In the frame of formal talks between Commerzbank and Deutsche Bank, DWS might potentially be sold.
DWS’s share price was up 10% yesterday on rumours that Allianz is interested in the German asset manager. We believe Amundi will also be interested in the company.
Amundi released this morning its numbers for 2018 and Q4 18.
Total revenues at €620m were below expectations but when adjusted for volatile trading income these are 1.3% higher than expected (bang in line with our forecasts).
Total expenses were under control again at €326m, 14.6% lower yoy and 4% lower than expected (2.3% below ours).
The adjusted gross operating profit is therefore 9.5% above expectations.
Net inflows were negative due to important outflows in the Institutional and Corpora
Amundi released its numbers for Q3 18. The share price is down about 5% despite what we believe to be rather reassuring numbers (versus its peers and given the 25% drop since February).
Total revenues at €622m were 5.5% below expectations (and 6.5% below ours), driven by lower than expected performance fees and volatile financial income.
Total expenses at €-328m were mechanically lower than expected (€-341m) and ours (€-346m) and 3% lower (partly from efficiency gains in the frame of Pioneer’s
Amundi released this morning its numbers for Q2 18.
Total income at €679m was 3.5% higher than expected and 2% above our expectations. Total expenses were well under control at €340m, 4% lower yoy.
Amundi’s share price has been down about 20% in the last three months. Investors have been afraid that net inflows will turn deeply negative (especially in Italy).
Today’s numbers are more than comforting as net inflows remain positive (+€2.5bn) and come from retail investors and highly profitable
Amundi announced this morning its numbers for Q1 18.
Total income at €663m was 1.2% below expectations (in line with ours) despite higher than expected performance fees.
Revenues were penalised by a low level of financial income at €-5m versus €27m in Q1 17.
Total expenses were much lower than expected at €336m vs €356m expected (in line with ours).
Net inflows were quite buoyant at €40bn, twice as high as expected (consensus at €17bn and ours at €15bn).
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Cambria Autos has left the AIM following a takeover.
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Light Science Tech Holdings, the controlled environment agriculture technology and contract electronics manufacturing Group to join AIM. Raising £5m. Expected mkt cap £17.4m. Due 15 Oct.
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Palace Capital has released a good trading update of for the 6 months to 30 September. The Group has achieved good progress both across the portfolio and in sales achieved at Hudson Quarter. With cash reserves rising, the Group continues to look for value creative opportunities to recycle capital which should realise value for shareholders. Buy
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Gymshark has started to put together plans for a stock market listing according to City A.M. The company hit a £1bn valuation just over a year ago and boasts customers in more than 130 countries. Gymshark was founded by teenager Ben Francis in 2012 in his parents’ garage with products that appeal to Gen Z consumers. Timing TBA
Rubix Group Holdings, the market leading pan-European distributor of industrial main
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Non-Standard Finance (‘NSF’), one of the leading providers of unsecured credit to UK adults, published interim results for the half year to 30 June 2021 on 28 September. Overall, these showed a significantly lower loss before tax due to improved operational performance and lower below the line charges. The group also reported that current trading was ahead of plan primarily due to strong collections performance. Discussions with the FCA regarding the redress programme for guarantor loans custome
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NextEnergy Solar Fund’s investment in NextPower III opens up geographic opportunities in Latin America, Asia and other parts of Europe much earlier than could have been delivered by direct project investment. Additionally, the JV announcement with energy storage system (ESS) developer Eelpower is also an attractive way to accelerate portfolio diversity as well as opening up the door to further asset growth. By working with partners experienced in different geographies and the energy storage segm
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What’s new: Tatton’s interims trading update confirm it has “delivered strong growth in all its key metrics during the period including revenue, profits and assets under management” (AUM). It is “trading in line with expectations”.
Companies: Tatton Asset Management Plc
AuM pushed on in Q2, hitting £10.8bn – including the acquisition of the Verbatim funds (+13% in H1 organic only). Crucially, net inflows have remained strong through the whole of H1 at £109m avg pcm. This flow momentum underpins an encouraging outlook, both near and medium-term. We leave our forecasts unchanged although note risk to the upside heading into H2. We will review our model again at the Interims. Given the pace of growth and scale of opportunity from already established relationships,
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Gore Street’s trading update confirms expectations of a strong trading environment for batteries in both the GB and Irish markets. Driven principally by high gas prices creating electricity market volatility and with tight capacity margins likely to remain, we see the company continuing to generate excess cash returns in this financial year at least.
Companies: Gore Street Energy Storage Fund PLC
TMT Acquisition (TMTA.L) has joined the Main Market (Standard) pursue opportunities to acquire businesses in the technology, media and telecom sector. Raised £5m, mkt cap £5.5m.
NMCN Plc has left the Main Market (Premium) following the appointment of administrators.
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Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company's investment objective is to provide investors with an attractive
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Companies: Chrysalis Investments Limited
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Trident Royalties Plc (AIM: TRR) has, this morning, highlighted the news released by Lithium Americas Corp. (NYSE/TSX: LAC) with respect to its Thacker Pass Lithium Project located in Nevada, USA. Lithium Americas has more than doubled its M&I resource to 13.7Mt Lithium Carbonate Equivalent (LCE) and increased the Phase 1 capacity to a target of 40ktpa Lithium Carbonate (up from 30-35ktpa) and Phase 2 target to 80ktpa (from 60ktpa).
This is material for Trident, which holds 60% of a LOM unca
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Today's news & views, plus announcements from NWG, WPP, SMDS, BDEV, CSP, EMG, HICL, QTX, RLE, MTEC, BOOM, CAPD & THG.
Companies: Barratt Developments PLC (BDEV:LON)HICL Infrastructure Company (HICL:LON)
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