Earnings are in line – after explicit guidance in the post-period end update; growing strongly yoy (£64.3m adj. PBT, +69%) reflecting +92% AuM growth to >£30bn from underlying momentum and the impact of acquisitions. The dividend is materially ahead of our estimate (47p FY payout vs 38p N+1Se) with plenty of cash the dividend will be increased broadly in line with earnings. AuM has already grown 7.5% to £33.3bn in Q1 so far. Accordingly, we upgrade (cautiously given the early stage) by 4-5%, and ....
23 Jun 2021
Finals: PBT in line, dividend ahead; +4% upgrade
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Finals: PBT in line, dividend ahead; +4% upgrade
Liontrust Asset Management PLC (LIO:LON) | 686 -34.3 (-0.7%) | Mkt Cap: 445.5m
- Published:
23 Jun 2021 -
Author:
Andrew Watson | James Bayliss -
Pages:
3
Earnings are in line – after explicit guidance in the post-period end update; growing strongly yoy (£64.3m adj. PBT, +69%) reflecting +92% AuM growth to >£30bn from underlying momentum and the impact of acquisitions. The dividend is materially ahead of our estimate (47p FY payout vs 38p N+1Se) with plenty of cash the dividend will be increased broadly in line with earnings. AuM has already grown 7.5% to £33.3bn in Q1 so far. Accordingly, we upgrade (cautiously given the early stage) by 4-5%, and ....