PMI’s finals were in line with our estimates: 5.5p EPS vs 5.5p SCMe. Management continues to pursue efficiency, through ongoing cost savings programmes, as well as developing capability and distribution reach the Absolute Return product has seen particular demand. For the moment, AuM is not growing. We leave our estimates unchanged for the moment. We think that the current 12x PER (post-SBP) is a full reflection of value given the current flow profile and look for improvement as a key catalyst.
