After a transitional year which ended with pensions growing fast, STM has reported results in line with expectations. We make no change to our 2017 estimates other than tempering dividend growth estimates from 33% to 17% growth. With many QROPS now becoming less efficient due to changed legislation, STM today provides a glimpse of where future growth opportunities may lie. Undoubtedly the small QROPS administrators will consolidate their recurring revenues, and STM is well positioned while we
14 Mar 2017
Changing rules; changing opportunities
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Changing rules; changing opportunities
STM Group PLC (STM:LON) | 57.5 0 0.0% | Mkt Cap: 34.2m
- Published:
14 Mar 2017 -
Author:
Cavendish Research -
Pages:
5
After a transitional year which ended with pensions growing fast, STM has reported results in line with expectations. We make no change to our 2017 estimates other than tempering dividend growth estimates from 33% to 17% growth. With many QROPS now becoming less efficient due to changed legislation, STM today provides a glimpse of where future growth opportunities may lie. Undoubtedly the small QROPS administrators will consolidate their recurring revenues, and STM is well positioned while we