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12 May 2020

Standard Life Aberdeen – AGM

Share Price 214p

Mkt Cap £4.9bn

Conflict Disclosure: No Holding

 

 

  • Statement Martin Gilbert stands down today at the Standard Life Aberdeen AGM.  Net outflows are said to be 4.8% in the first 4 months but small net inflows excluding the Lloyds Bank Group. AUM £490bn and dividend to be paid. The company says some of its synergy targets may be delayed.

 

  • Estimates 13.8p EPS is expected from £380m PBT which may be high given delayed synergies and weak markets.

 

  • Valuation PE 15.6X and yield 9.8% on existing forecasts. Mkt Cap/AUM 1%

 

  • Conclusion Has yield attractions but the dividend in uncovered. It is important to buy momentum fund managers and not value fund managers. Too early for this.