Miton’s strong flow momentum has continued through Q3, driving AuM +7% qoq to £4.9bn (up from £4.8bn at end August). We remain encouraged by flows into more nascent funds with material capacity, which are passing key milestones. A differentiated brand of active management is clearly resonating with intermediaries. The valuation remains attractive - on an 11x FY19e ex-cash PER and a 14x FY19e regular PER - in light of 29% EPS growth and 16% of the market cap in free cash.
10 Oct 2018
Flow momentum continues into Q3
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Flow momentum continues into Q3
Premier Miton Group Plc (PMI:LON) | 53.5 0.3 0.9% | Mkt Cap: 86.7m
- Published:
10 Oct 2018 -
Author:
Andrew Watson -
Pages:
3
Miton’s strong flow momentum has continued through Q3, driving AuM +7% qoq to £4.9bn (up from £4.8bn at end August). We remain encouraged by flows into more nascent funds with material capacity, which are passing key milestones. A differentiated brand of active management is clearly resonating with intermediaries. The valuation remains attractive - on an 11x FY19e ex-cash PER and a 14x FY19e regular PER - in light of 29% EPS growth and 16% of the market cap in free cash.