TOBY LANGLEY NOMURA
Positive retail flows at last. Excluding noisier items, group ex-Phoenix net flow momentum appears positive on an underlying basis, suggesting some room for optimism on flows for the rest of 2013. Flow trends seen in the quarter, being retail-driven, should also be mildly margin-friendly.
RAE MAILE JP MORGAN CAZENOVE
Our estimates move higher to reflect the stronger than anticipated assets under management. The stock remains modestly valued relative to its UK peers. The share price is supported by a generous dividend yield. Should the momentum in funds flow be maintained, a re-rating could be merited.
ARUN MELMANE CANACCORD GENUITY
Given the strong flow numbers reported and expected to be reported this week by its sector peers, Henderson lags the peers in the long only space. The strengthening net cash position and balance sheet de risking actions undertaken by management should support valuations, we think.