Miton has reported strong interims with earnings growth reflecting the impressive AuM accumulation over the past 12 months. We have seen this continue into Q3: £4.8bn AuM at the end of August is now close to our prior FY18e AuM estimate. We increase our flow assumptions and moderate fee margins for mix: together driving a 2% upgrade to FY18e EPS (+4% full year impact in FY19e). Miton is trading at what we consider to be a neutral valuation, with no recognition of the current growth trajectory. U ....
24 Sep 2018
Interims reflect AuM momentum, small upgrades
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Interims reflect AuM momentum, small upgrades
Premier Miton Group Plc (PMI:LON) | 63.5 0 0.0% | Mkt Cap: 102.9m
- Published:
24 Sep 2018 -
Author:
Andrew Watson -
Pages:
3
Miton has reported strong interims with earnings growth reflecting the impressive AuM accumulation over the past 12 months. We have seen this continue into Q3: £4.8bn AuM at the end of August is now close to our prior FY18e AuM estimate. We increase our flow assumptions and moderate fee margins for mix: together driving a 2% upgrade to FY18e EPS (+4% full year impact in FY19e). Miton is trading at what we consider to be a neutral valuation, with no recognition of the current growth trajectory. U ....