Brewin shares remain depressed (-17% YTD) yet key benchmarks both for the shares and FuM have recovered in recent weeks: FTSE All Share ex-IT (-2% YTD) and FTSE WMA Balanced (+0.6% YTD). With market performance in line with our expectations, resilience in flows likely to have continued and a 25% valuation discount to peers, we believe that the shares are attractive at these levels. We retain our 300p 12m Target Price (16.5x cal’16 PER) and move to BUY (from HOLD) ahead of the Q2 FuM update.
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Shares undeservedly lagging key benchmarks
- Published:
04 Apr 2016 -
Author:
Andrew Watson -
Pages:
5
Brewin shares remain depressed (-17% YTD) yet key benchmarks both for the shares and FuM have recovered in recent weeks: FTSE All Share ex-IT (-2% YTD) and FTSE WMA Balanced (+0.6% YTD). With market performance in line with our expectations, resilience in flows likely to have continued and a 25% valuation discount to peers, we believe that the shares are attractive at these levels. We retain our 300p 12m Target Price (16.5x cal’16 PER) and move to BUY (from HOLD) ahead of the Q2 FuM update.