Miton has reported exceptionally strong H1 net inflows (£616m). This is impressive given weaker flows across UK equity funds. Positive investment performance totalled +2.6% (on opening FuM) against the backdrop of a relatively flat UK equity market. Updating our model for the FuM outturn, but leaving all other assumptions unchanged for H2, we upgrade EPS by 11% in FY18e and by 15-17% in outer years. We continue to apply a 12x ex-cash PER valuation which drives an increased 71p 12m Target Price ( ....
10 Jul 2018
Strong H1 net inflows, upgrading FY18e EPS by 11%
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Strong H1 net inflows, upgrading FY18e EPS by 11%
Premier Miton Group Plc (PMI:LON) | 53.5 0.3 0.9% | Mkt Cap: 86.7m
- Published:
10 Jul 2018 -
Author:
Andrew Watson -
Pages:
3
Miton has reported exceptionally strong H1 net inflows (£616m). This is impressive given weaker flows across UK equity funds. Positive investment performance totalled +2.6% (on opening FuM) against the backdrop of a relatively flat UK equity market. Updating our model for the FuM outturn, but leaving all other assumptions unchanged for H2, we upgrade EPS by 11% in FY18e and by 15-17% in outer years. We continue to apply a 12x ex-cash PER valuation which drives an increased 71p 12m Target Price ( ....