The Majedie acquisition has now completed, adding £5.2bn AuM (vs £5.8bn at announcement). Yes, AuM has been subject to headwinds (geopolitical uncertainty) but has fallen only 7% to £33.4bn vs £36bn at 14/1. We expect more detail at the Q4 AuM Update (exp’d 12/4), when we will update our forecasts formally, but estimate that marking our model to this Q4 AuM will reduce our FY23e EPS by 10-15% to 115-120p (no FY22e impact). We do not feel that a mechanical EPS downgrade of this size warrants the ....
01 Apr 2022
Oversold against only modest earnings impact
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Oversold against only modest earnings impact
Liontrust Asset Management PLC (LIO:LON) | 689 20.7 0.4% | Mkt Cap: 447.4m
- Published:
01 Apr 2022 -
Author:
Andrew Watson -
Pages:
3
The Majedie acquisition has now completed, adding £5.2bn AuM (vs £5.8bn at announcement). Yes, AuM has been subject to headwinds (geopolitical uncertainty) but has fallen only 7% to £33.4bn vs £36bn at 14/1. We expect more detail at the Q4 AuM Update (exp’d 12/4), when we will update our forecasts formally, but estimate that marking our model to this Q4 AuM will reduce our FY23e EPS by 10-15% to 115-120p (no FY22e impact). We do not feel that a mechanical EPS downgrade of this size warrants the ....