Liontrust has reported final results in line with our expectations. Adj. PBT totalled £17.2m – 3% ahead of our forecast. The board has declared an 11p dividend, ahead of our 9p forecast, reflecting cash generation and a £4.0m performance fee. FY18e has started well with AuM now at £9.3bn; post-completion of the ATI acquisition and 5% u/l growth YTD. We increase our forecasts by 2-3% as a result of the small FY17 beat and issue maiden FY20 estimates. We increase our 12m TP to 510p (from 500p) mai ....
15 Jun 2017
N+1 Singer - Liontrust Asset Management - AuM growth yields in line results, small beat on DPS
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N+1 Singer - Liontrust Asset Management - AuM growth yields in line results, small beat on DPS
Liontrust Asset Management PLC (LIO:LON) | 689 20.7 0.4% | Mkt Cap: 447.4m
- Published:
15 Jun 2017 -
Author:
Andrew Watson -
Pages:
7
Liontrust has reported final results in line with our expectations. Adj. PBT totalled £17.2m – 3% ahead of our forecast. The board has declared an 11p dividend, ahead of our 9p forecast, reflecting cash generation and a £4.0m performance fee. FY18e has started well with AuM now at £9.3bn; post-completion of the ATI acquisition and 5% u/l growth YTD. We increase our forecasts by 2-3% as a result of the small FY17 beat and issue maiden FY20 estimates. We increase our 12m TP to 510p (from 500p) mai ....