(CercleFinance.com) – Amundi announced that the amount of assets under management was 2,021 MdE at the end of March (-2.1% compared to the end of 2021), in line with Oddo’s forecasts (2,019 MdE) and higher by consensus (1,996 MdE).
‘Net inflow was 3.2 MdE in Q1 2022, lower than our forecast (9.0 MdE), but higher than the consensus (-1.9 MdE)’ indicates the analyst.
The group also benefited from a still high level of performance fees in Q1 2022 at 71 ME (compared to 111 ME in Q1 2021), above expectations. The level of performance fees should logically drop sharply in Q2, due to the evolution of the financial markets’ adds Oddo.
The analyst also indicates that Amundi published net income of 302 ME (+1.9% as published) above expectations (consensus 281 ME, our forecast 262 ME).
Oddo confirms its Outperformance recommendation on the stock with a target price of €83.
‘ Even if the activity will be impacted by the crisis in Q2 (slowdown in net inflows in April, confinements in China, lower performance fees), the group maintains various growth levers in LT (Asia, passive management, Amundi Technology) .
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