Bullish position on Amundi via turbo calls

This Thursday, as part of our section dedicated to derivatives, we are interested in the Amundi stock. The European portfolio management champion is currently in full expansion, particularly in Asia with numerous partnerships: joint ventures in China with the Agricultural Bank of China and the Bank of China – respectively the country’s third and fourth largest banks – and, more recently in India with the country’s leading bank, State Bank of India (SBI). The European manager is targeting 500 billion in assets under management in Asia by 2025.

The acquisition of Lyxor, finalized at the end of 2021, also provides a glimpse of significant growth prospects for the group, particularly in European ETFs. On the stock market, the stock is discounted: BlackRock, the world leader in the sector, is valued at 25.2 times its net income, while Amundi, the European leader, is nearly half as much, with a valuation of 13.6 times. its net income.

The analyst firm Oddo BHF anticipates higher net inflows in the fourth quarter of 2021, amounting to 15.5 billion euros. He is also convinced that the current multiples do not in any way reflect the group’s growth potential and is aiming for a price target of 90 euros, i.e. a 33% increase in the stock compared to its current level.

In order to bet on a revaluation of the action, we recommend the purchase of the turbo calls without expiry of code 41F0S. These products offer a leverage effect of 5.8 times and their knock-out barrier, set at 58.86 euros, is at a distance of 13% from the current level of the security.

Quotation range: 0.57 – 0.58 euros