Liontrust has seen AuM decline in Q4 (well trailed in the Majedie completion less than two weeks ago): -9.9% to £33.5bn (vs SCMe £37.0bn). Modest inflows in retail are encouraging, particularly vs. wider peers, albeit more than offset by multi-asset and unavoidable performance headwinds. We reduce our EPS by 9% FY23e and 19% FY24e, assuming that Q4 was a speed bump. We feel that a 43% share price decline and derating to 10x PER has gone too far. Acknowledging risk appetite, we reduce our 12m TP ....
12 Apr 2022
AuM lower but flows resilient, derating unwarranted
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AuM lower but flows resilient, derating unwarranted
Liontrust Asset Management PLC (LIO:LON) | 689 -34.5 (-0.7%) | Mkt Cap: 447.4m
- Published:
12 Apr 2022 -
Author:
Andrew Watson -
Pages:
3
Liontrust has seen AuM decline in Q4 (well trailed in the Majedie completion less than two weeks ago): -9.9% to £33.5bn (vs SCMe £37.0bn). Modest inflows in retail are encouraging, particularly vs. wider peers, albeit more than offset by multi-asset and unavoidable performance headwinds. We reduce our EPS by 9% FY23e and 19% FY24e, assuming that Q4 was a speed bump. We feel that a 43% share price decline and derating to 10x PER has gone too far. Acknowledging risk appetite, we reduce our 12m TP ....