STUART DUNCAN | PEEL HUNT
Aberdeen continues to tick many of the boxes we look for in an asset manager. The group has a diverse business mix, improving revenue and operating margins, and a focus on cash that is delivering a strengthening balance sheet and giving rise to the possibility of our dividend forecasts looking overly conservative.
DAVID MCCANN | NUMIS
Outperformance appears to have been strongest in equities and fixed income. We believe there is still plenty of scope in forecasts for the company to exceed expectations again in the future, in particular from continued strong flows, further management fee margin accretion due to mix and performance fees.
SARAH ING | SINGER CAPITAL
Aberdeen is generating above average growth in management fees and the ability to demonstrate increasing financial strength improves the company’s competitive position and supports further dividend growth. Despite turbulent markets, forecasts are likely to rise, if anything, in due course given this positive mix shift.