Liontrust’s core investment thesis remains unchanged and the current valuation is an astounding 7x PER/4x EBITDA with a 12% yield underpinned by the explicit dividend indication. Using Bloomberg data, we believe that flows remained elusive during the Summer (SCMe £1.2bn net outflows). We reinstate our forecasts at the bottom end of the consensus range, assuming a return to net inflows in 2024. We set an 1100p 12m Target Price using a 14x FY25e PER equating to 9x EV/EBITDA, noting a 12% dividend yield; BUY with near 100% upside.
