R&M has posted a small earnings beat (+6% vs N+1Se) on slightly better performance fees than expected, although core management fee earnings are in line. A number of issues (Rodrigs, CMA, FCA) have now been faced and navigated; the CMA conclusions standing to create opportunity. We see earnings more insulated from equity market performance, solid structural growth and a position of strength. We reiterate our BUY recommendation and 355p 12m Target Price.
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Sunshine through parting clouds?
- Published:
24 Sep 2018 -
Author:
Andrew Watson -
Pages:
3
R&M has posted a small earnings beat (+6% vs N+1Se) on slightly better performance fees than expected, although core management fee earnings are in line. A number of issues (Rodrigs, CMA, FCA) have now been faced and navigated; the CMA conclusions standing to create opportunity. We see earnings more insulated from equity market performance, solid structural growth and a position of strength. We reiterate our BUY recommendation and 355p 12m Target Price.