AuM continued to grow in Q2 (+4.2%) and now stands at £9.8bn (as at 9/10). In Q2, growth was driven by net inflows (+£156m) and positive investment performance (+£236m). We make a small +2% change to FY18e EPS, but reduce EPS by 6-8% in outer years assuming that c.5bps revenue of box profits will no longer recur following the FCA market study. Rolling to a Mar-19 basis, we increase our 12m target price to 560p (from 510p) still using a 12x PER multiple. We reiterate a BUY recommendation.
11 Oct 2017
N+1 Singer - Liontrust Asset Management - AuM +4% in Q2, increasing target price to 560p
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N+1 Singer - Liontrust Asset Management - AuM +4% in Q2, increasing target price to 560p
Liontrust Asset Management PLC (LIO:LON) | 656 -98.5 (-2.2%) | Mkt Cap: 426.3m
- Published:
11 Oct 2017 -
Author:
Andrew Watson -
Pages:
6
AuM continued to grow in Q2 (+4.2%) and now stands at £9.8bn (as at 9/10). In Q2, growth was driven by net inflows (+£156m) and positive investment performance (+£236m). We make a small +2% change to FY18e EPS, but reduce EPS by 6-8% in outer years assuming that c.5bps revenue of box profits will no longer recur following the FCA market study. Rolling to a Mar-19 basis, we increase our 12m target price to 560p (from 510p) still using a 12x PER multiple. We reiterate a BUY recommendation.