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.