HOW DO YOU RATE SHARES IN ABERDEEN ASSET MANAGEMENT?
DAVID MCCANN NUMIS
The 4.4p interim dividend is better than consensus 4.1p, but behind our 5.2p estimate. However, we still expect to maintain our 11p total dividend forecast for this year (i.e. a higher final compensating for the lower interim) given the strong earnings momentum… Aberdeen remains a top pick.
ARUN MELMANE INVESTEC
We raise our price target to 290p on the back of good first half results. We predict steady sailing for Aberdeen with good fund performance directing inflows into higher margin equity funds. Equity market levels will continue to be the bigger determinant of average asset under management levels.
STUART DUNCAN PEEL HUNT
Interim results were in line with expectations and demonstrate the positive impact of the business mix shift to higher margin areas. In addition, the balance sheet continues to strengthen. After a good run, we see reduced upside and therefore our recommendation moves to Hold from Buy.