Strong investment performance has been the primary contributor to a 17% increase in AuM to £5.7bn during Q2. Net flows have been impacted by post-referendum uncertainty but remain positive. AuM has grown another £140m (to £5.8bn) this week. We incorporate the strong Q2 performance into our forecasts: FY16e EPS +7% and outer years by +9-10%. Rolling forward to cal’17 earnings, we apply an 11x PE multiple revising our target price to 374p (from 310p). We reiterate our BUY recommendation.

06 Oct 2016
N+1 Singer - Liontrust Asset Management - Performance drives strong Q2 AuM growth

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N+1 Singer - Liontrust Asset Management - Performance drives strong Q2 AuM growth
Liontrust Asset Management PLC (LIO:LON) | 371 -57.5 (-4.0%) | Mkt Cap: 236.7m
- Published:
06 Oct 2016 -
Author:
Andrew Watson -
Pages:
5 -
Strong investment performance has been the primary contributor to a 17% increase in AuM to £5.7bn during Q2. Net flows have been impacted by post-referendum uncertainty but remain positive. AuM has grown another £140m (to £5.8bn) this week. We incorporate the strong Q2 performance into our forecasts: FY16e EPS +7% and outer years by +9-10%. Rolling forward to cal’17 earnings, we apply an 11x PE multiple revising our target price to 374p (from 310p). We reiterate our BUY recommendation.