FY16 results have exceeded our prior forecasts on a stronger than expected performance fee outturn for the year. Earnings grew by 21% as a result, whilst good underlying cash generation has prompted an increased dividend payout with a 9.0p final (N+1Se 6.0p). Our forecasts remain unchanged, not expecting a repeat of FY16 performance fees. We do increase our 12m Target Price from 312p to 335p as we roll forward our valuation basis to a 10x cal’17 PER, retaining our BUY recommendation.
16 Jun 2016
Positive earnings surprise on performance fees
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Positive earnings surprise on performance fees
Liontrust Asset Management PLC (LIO:LON) | 689 -34.5 (-0.7%) | Mkt Cap: 447.4m
- Published:
16 Jun 2016 -
Author:
Andrew Watson -
Pages:
7
FY16 results have exceeded our prior forecasts on a stronger than expected performance fee outturn for the year. Earnings grew by 21% as a result, whilst good underlying cash generation has prompted an increased dividend payout with a 9.0p final (N+1Se 6.0p). Our forecasts remain unchanged, not expecting a repeat of FY16 performance fees. We do increase our 12m Target Price from 312p to 335p as we roll forward our valuation basis to a 10x cal’17 PER, retaining our BUY recommendation.