Record’s Q217 trading update was encouraging as it showed an increase in assets under management equivalents (AUME), a maintained client count and an indication that investors are taking an interest in a range of the company’s products following a period of heightened currency volatility. In this context, the prospective rating with an FY17e P/E of just over 10x and the yield of 6.2% (ex any special payment) seems very conservative.
