Frenkel has reported a strong H1 performance as expected with revenue up +44% (we estimate organic +18% with strong post-acquisition growth from the 2022 acquisitions), EBIT +32% and adj. EPS +23%. Client retention remained very high at 99%, evidencing once again (alongside an EBIT margin of 20%) the consistent value of the services to clients. AUM grew +9%, an impressive performance given the challenging financial market conditions, reinforcing our view that the strategy of providing an end-to- ....
