Analyst Research Report Snapshot

Title:

ABERDEEN ASSET MANAGEMENT - BETTER THAN EXPECTED MARGIN PROGRESSION

Price:

$10.00

Provider:

Edison Investment Research

Date:

03 May 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

ADN.L

Available for Immediate Download
Summary:

Following Aberdeen’s H1 results we have updated our estimates to reflect the better than expected improvement in margins and continued growth in AUM. Underlying PBT increased 37% due to notable flows into higher-margin products coupled with solid investment performance across the majority of funds. Net flows continue to be focused in global, emerging market and Asia-Pacific equities, but management indicated recent measures to help reduce flows to maintain investment efficiency appear to be having some effect. We continue to find Aberdeen’s strong AUM flows, improving margins and high cash generation model attractive and believe its current valuation appears undemanding relative to peers. Based on our working assumption that there will be no market correction, specifically Emerging markets, we have updated our fair value to 525p (Sept 2012: 375p) reflecting these factors and the relative revaluation of the sector.

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