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15 Sep 2023
Yielding a result
Eurazeo (RF:EPA), 0 | Eurazeo SE (RF:PAR), 0 | 3i Group plc (III:LON), 0 | Schroders PLC (SDR:LON), 358 | St. James's Place Plc (STJ:LON), 443 | London Stock Exchange Group plc (LSEG:LON), 8,796 | Man Group PLC (EMG:LON), 254 | Deutsche Boerse AG (DB1:ETR), 0 | Intermediate Capital Group plc (ICG:LON), 0 | Partners Group Holding AG (PGHN:SWX), 0 | Abrdn plc (ABDN:LON), 147 | Blackstone Group Inc/The (BX:NYSE), 0 | Blackstone Inc. (BX:NYS), 0 | Ashmore Group plc (ASHM:LON), 190 | BlackRock (BLK:NYSE), 0 | BlackRock, Inc. (BLK:NYS), 0 | Hargreaves Lansdown plc (HL:LON), 785 | KKR & Co Inc (KKR:NYSE), 0 | KKR & Co Inc (KKR:NYS), 0 | Jupiter Fund Management plc (JUP:LON), 78.8 | Renewables Infrastructure Group Limited GBP Red.Shs (TRIG:LON), 101 | Euronext (ENX:EPA), 0 | Euronext NV (ENX:PAR), 0 | Flow Traders Ltd (FLOW:AMS), 0 | Amundi (AMUN:EPA), 0 | Amundi SA (AMUN:PAR), 0 | Msci (MSCI:NYSE), 0 | MSCI Inc. Class A (MSCI:NYS), 0 | Tikehau Capital SCA (TKO:PAR), 0 | Bridgepoint Group Plc (BPT:LON), 0 | DWS Group GmbH & Co. KGaA (DWS:ETR), 0 | Greencoat Renewables Plc (GRP:DUB), 0 | Quilter Plc (QLT:LON), 110 | IntegraFin Holdings PLC (IHP:LON), 306 | AJ Bell Plc (AJB:LON), 321 | EQT Ab (EQT:STO), 0 | EQT AB (EQT:OME), 0 | Allfunds Group plc (ALLFG:AMS), 0 | Antin Infrastructure Partners (ANTIN:PAR), 0 | Petershill Partners PLC (PHLL:LON), 208 | TPG Inc Class A (TPG:NAS), 0
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Yielding a result
Eurazeo (RF:EPA), 0 | Eurazeo SE (RF:PAR), 0 | 3i Group plc (III:LON), 0 | Schroders PLC (SDR:LON), 358 | St. James's Place Plc (STJ:LON), 443 | London Stock Exchange Group plc (LSEG:LON), 8,796 | Man Group PLC (EMG:LON), 254 | Deutsche Boerse AG (DB1:ETR), 0 | Intermediate Capital Group plc (ICG:LON), 0 | Partners Group Holding AG (PGHN:SWX), 0 | Abrdn plc (ABDN:LON), 147 | Blackstone Group Inc/The (BX:NYSE), 0 | Blackstone Inc. (BX:NYS), 0 | Ashmore Group plc (ASHM:LON), 190 | BlackRock (BLK:NYSE), 0 | BlackRock, Inc. (BLK:NYS), 0 | Hargreaves Lansdown plc (HL:LON), 785 | KKR & Co Inc (KKR:NYSE), 0 | KKR & Co Inc (KKR:NYS), 0 | Jupiter Fund Management plc (JUP:LON), 78.8 | Renewables Infrastructure Group Limited GBP Red.Shs (TRIG:LON), 101 | Euronext (ENX:EPA), 0 | Euronext NV (ENX:PAR), 0 | Flow Traders Ltd (FLOW:AMS), 0 | Amundi (AMUN:EPA), 0 | Amundi SA (AMUN:PAR), 0 | Msci (MSCI:NYSE), 0 | MSCI Inc. Class A (MSCI:NYS), 0 | Tikehau Capital SCA (TKO:PAR), 0 | Bridgepoint Group Plc (BPT:LON), 0 | DWS Group GmbH & Co. KGaA (DWS:ETR), 0 | Greencoat Renewables Plc (GRP:DUB), 0 | Quilter Plc (QLT:LON), 110 | IntegraFin Holdings PLC (IHP:LON), 306 | AJ Bell Plc (AJB:LON), 321 | EQT Ab (EQT:STO), 0 | EQT AB (EQT:OME), 0 | Allfunds Group plc (ALLFG:AMS), 0 | Antin Infrastructure Partners (ANTIN:PAR), 0 | Petershill Partners PLC (PHLL:LON), 208 | TPG Inc Class A (TPG:NAS), 0
- Published:
15 Sep 2023 -
Author:
Giblat Arnaud GA -
Pages:
8
Clipping the coupon: a number of attractive names in diversified financials
Given increased interest from investors in the high yields on offer in diversified financials, we have screened our sector for stocks that offer attractive value from a yield perspective and where the dividend can be seen as high quality (low payout ratio, strong balance sheet, low earnings growth volatility, track record...). We conclude that the most attractive stocks in this regard are: Antin, Amundi, Bridgepoint, DWS, Schroders, HL and SJP.
High quality and value names
Excluding the exchanges, diversified financials offer 20% more yield than the MSCI Europe. About half of our coverage in Asset Management and Asset Gatherers offer value with a yield 5%. We can thus apply a second quality filter to generate a list of high yield names.
Asset management: Antin and DWS most attractive
Antin and Bridgepoint offer 7.8% and 5% yield respectively and are the most attractive European Alternative managers form a yield perspective. Antin has significant cash on the balance sheet and earnings growth prospects and we thus expect material growth in its dividend. The stock is also our top pick (fundamental) among the alternative managers. Bridgepoint has demonstrated a strong commitment to capital returns through a buyback program. In asset management, DWS is an attractive candidate, given a special dividend is likely to be paid in May 2023 of up to EUR5/share.
Asset gatherers: SJP and HL at historical peak dividend yields (nearly 7% 2024e)
It is interesting to see some of the asset gatherers appear on our screening, such as HL and SJP. This is reflective of the sharp derating these stocks have seen. Both still have support from sticky client assets, with HL having surplus cash and SJP having earnings support from FUM in gestation.