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Amundi published unexciting Q3 results with a revenue miss being offset by strong opex discipline. AuM came in higher than anticipated thanks to the very welcome surprise recovery in net inflows (€14bn). Amundi remains however sensitive to market fluctuations and we will keep this in mind when updating our forecasts.
Companies: Amundi (AMUN:EPA)Amundi SA (AMUN:PAR)
AlphaValue
Amundi posted a good Q2, built on a doubling of performance fees, higher management fees thanks to a better client mix and higher AuM, as well as a higher technology revenue and higher financial income on net cash invested. Cost discipline was kept strong again. Inflows remained, however, modest due to the risk-averse environment. We may change marginally our estimates but we will keep our conservative market scenario in our forecasts.
Amundi realized a better than expected Q1 thanks to higher management fees, supported by a favorable change in mix partly offsetting the AuM decline and net outflows. Performance fees were also better than expected despite the poor market performance. Cost discipline was again very strong with inflation, development expenses and a negative FX effect largely absorbed by productivity gains and synergies from the Lyxor integration.
Amundi realised a better Q4 than expected thanks to a beat on the top line which was supported by higher AuM on the back of the market’s recovery, as well as higher inflows and technology revenue. Management made good progress on Lyxor’s cost synergies which helped reduce costs below consensus. Lyxor’s integration looks well on track. Long-term targets were maintained.
Amundi continued to face a harsher environment. Q3 revenue was down due to lower performance fees while management fees benefitted from the Lyxor acquisition impact. AuM continued to decline on a quarterly basis while the group recorded net outflows. Lyxor’s operational integration was completed this quarter with the synergy implementation progress well on track.
Amundi’s Q2 was affected by the poor market performance over the period which led to a rapid fall in performance fees and to a qoq decline in management fees due to a quarterly decline in AuM. Profitability also took a hit as a consequence of the revenue decline, leaving the efficiency ratio below the management’s target. On a positive note, Amundi showed relatively higher resilience to the market downturn than most of its peers. Caution may be needed for 2022.
Amundi unveiled its strategic ambitions for the 2022-25 period. The asset manager has left its financial targets unchanged from its previous plan, targeting a >5% net income CAGR, a <53% C/I ratio after all Lyxor synergies are implemented and a 65% dividend payout ratio which may be supplemented by an up to €2bn buy-back if Amundi does not perform M&A operations with the excess capital generated over the period.
Amundi realized a good Q1, outpacing expectations on both revenue and net result, as AuM suffered not that badly from the Q1 market downturn, and the group recorded net inflows. Expenses were in-line with expectations as Lyxor’s integration was on track. Despite a C/I deterioration, Amundi remains amongst the most efficient asset-managers. Topline wise, Amundi’s diversified business model and expansion towards growth-oriented segments (passive management) should help the firm navigate any potent
Amundi released this morning its numbers for Q3 21. For once, numbers were weaker than consensus expectations. Operating income was above expectations but only driven by higher performance fees. Net inflows were of low quality due to outflows in the French retail networks and big outflows in Amundi’s JVs (in China). We are comfortable with our current estimates and our current recommendation.
Amundi released this morning its numbers for Q2 21. This was another record high quarter in terms of profit (first quarter with new CEO Valerie Baudson). The beat was yet mostly driven by a high level of performance fees (expected to normalise in the coming quarters). Net inflows were above expectations but rather in line for retail investors. The revision to the consensus will be therefore limited (we will revise upwards our EPS for FY2021).
Amundi released this morning its numbers for Q1 21. Net income was sharply above expectations (+17%) but this was mostly driven by performance fees. Underlying numbers were also better than expected. Net inflows were negative and below expectations but only driven by much lower cash products (institutional investors). At the same time, retail flows were comfortably above expectations and ours. We will revise upwards our expectations following this release (and consensus will probably do so as
Amundi announced this morning that it has entered into exlcusive negotiations with Société Générale for the acquisition of Lyxor for a total cash consideration of €825m (€755m excluding excess capital). The price is above the €600m previously mentioned but is still reasonable given the synergies Amundi plans to implement. The operation will be earnings accretive considering the run-rate cost synergies (7%). More importantly, Amundi’s ETF franchise will be second in Europe. We view this deal as
Amundi released this morning its numbers for Q4 20 and FY2020. Net profit was above expectations, mainly driven by a higher level of performance fees at the revenue level. Net inflows were above expectations for both retail and corporate/institutional investors. The share price has experienced weakness recently and the payment of a dividend (above the ECB recommendation) and the appointment of a new CEO alleviating any governance issues should reverse the negative momentum.
Amundi this morning released its Q320 numbers. Gross operating income was roughly in line with expectations as reduced expenses offset lower-than- expected revenues. Net inflows were however well above expectations and this came from across the board (retail, JV and institutional/corporate investors). Management put more color on its JV target with Bank of China where it expects breakeven by the end of 2021 and a €50m net profit by 2025 (net contribution at 100%).
Companies: Amundi SA
Amundi released its numbers for H1 20. Gross operating income was 3% above expectations with lower expenses offsetting disappointing management fees (revenues were boosted by higher performance fees). Total AuM were in line with expectations and net inflows were almost equal to zero (better than expectations). Amundi and Société Générale renewed their agreement on a five-year basis. However, it looks less interesting than the previous one as it gives SG the ability to introduce open architectur
Research Tree provides access to ongoing research coverage, media content and regulatory news on Amundi SA. We currently have 97 research reports from 2 professional analysts.
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Companies: Property Franchise Group PLC
Canaccord Genuity
FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi
Companies: Frenkel Topping Group plc
S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi
Companies: S&U plc
Edison
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
Companies: Foresight Solar Fund Limited GBP
Companies: PayPoint plc
Liberum
In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.
Companies: Regional REIT Ltd.
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
Companies: Speedy Hire Plc
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.
Companies: Foxtons Group Plc
Zeus Capital
In our 15 March 2023 initiation, 'Pawnbroking royalty, with strong, profitable growth', and subsequent notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. These results reconfirmed both, with the pledge book up 28% and net pawnbroking revenue up 36%. Like many in the retail space, H&T faced the challenge of customers focusing on lower-value, lower-margin items in the key run-up to Christmas 2
Companies: H&T Group plc
Companies: Facilities by ADF PLC
Asset managers had a poor 2022: the S&P Composite 1500 Asset Management Index was down 22% and, according to the Investment Company Institute (ICI), worldwide mutual funds fell by 20%, from $76tr to $60tr. When bond and equity markets fall, the results are unlikely to be pretty: with revenues trending down and multiples contracting, there is a double whammy to contend with. So how do valuations shape up now, after a bullish start to the new year? The first chart is my favourite chart of asset m
Companies: RAT SDR IPX LIO FEN BRK MTW CLIG ASHM HL/ JUP PCFT IHP AJB MNG TAM EMG
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