Liontrust has reported final results this morning 6% ahead of our EPS estimate (+5% vs consensus) on strong performance fees and by protecting fee margins. The board has declared a 6p second interim dividend – the payout is increasingly progressive in line with peers. We believe that there is significant 20% upside with the shares trading on a multiple at the bottom of the peer group range, potential to grow AuM driving earnings and a growing dividend. We increase our Target Price to 343p (from 310p) rolling forward to an 11x cal’16 multiple and retain our BUY recommendation.
