Source: Sharecast
Berenberg said Informa's H125 results beat consensus adjusted operating expectations by 3.5% and noted that the group upgraded its FY2 earnings per share guidance to growth of above 10%.
The German bank said most of the beat and upgrade was driven by better-than-consensus margins in Informa's business-to-business events division, pointing out that a continuation of this was a core part of its 'buy' stance on the stock.
"We raise our EPS estimates by 3% and our price target to 1,030p. The shares trade on a FY25E P/E of 15.7x, falling to 14.7x in FY26E, for an EPS CAGR of 8%, excluding further buybacks, which we expect," said Berenberg.
"As Informa continues to demonstrate resilient growth despite macroeconomic volatility, we expect the shares to re-rate."
JPMorgan Cazenove reiterated its conviction on Aberdeen on Thursday, having recently upgraded the shares to 'overweight' and placed them on 'positive catalyst watch' ahead of its H1 results on 30 July.
In particular, JPMorgan said it would like to stress its expectation of "a substantial improvement" in flows within the Adviser vector, driven by a combination of stronger gross flows and especially lower redemptions.
"Aberdeen has in the past mentioned that a large proportion of its outflows were adviser-led as opposed to customer-led (i.e. advisers so dissatisfied that they decided to move their clients’ AUM somewhere else)," said Aberdeen. "We believe that the bar to stop adviser-led outflows is low, as we see this as a solution of last resort for advisers who would rather avoid the complex and time-consuming process of migrating AUM to another platform."
JPM said the substantial price reduction implemented by Aberdeen in the first quarter, paired with an improved customer service, should therefore result in a material reduction in outflows.