Brewin delivered positive growth in Q3 with core FuM up 4.3% and corresponding core income up 11%. We highlight a strong 7.6% annualised net inflow performance in discretionary. We tweak our earnings model for the Q3 outturn and other peripheral items but make no material changes. We increase our dividend payout assumption from 70% earnings to 75% as capital and cash generation remains strong, driving a 7-9% increase in our DPS forecast. We roll forward our valuation, increasing our 12m TP to 39 ....
27 Jul 2017
N+1 Singer - Brewin Dolphin Holdings - Positive Q3 update, upgraded 394p target price
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N+1 Singer - Brewin Dolphin Holdings - Positive Q3 update, upgraded 394p target price
- Published:
27 Jul 2017 -
Author:
Andrew Watson -
Pages:
7
Brewin delivered positive growth in Q3 with core FuM up 4.3% and corresponding core income up 11%. We highlight a strong 7.6% annualised net inflow performance in discretionary. We tweak our earnings model for the Q3 outturn and other peripheral items but make no material changes. We increase our dividend payout assumption from 70% earnings to 75% as capital and cash generation remains strong, driving a 7-9% increase in our DPS forecast. We roll forward our valuation, increasing our 12m TP to 39 ....