Jupiter Fund Management (JUP)

Sector:

Financials

Index:

FTSE 250

250.20p
   
  • Change Today:
      1.60p
  • 52 Week High: 432.00
  • 52 Week Low: 164.70
  • Currency: UK Pounds
  • Shares Issued: 447.30m
  • Volume: 561,830
  • Market Cap: £1,119.14m

Credit Suisse starts Hargreaves Lansdown at 'underperform'

By Michele Maatouk

Date: Tuesday 01 Oct 2019

LONDON (ShareCast) - (Sharecast News) - Hargreaves Lansdown was under pressure on Tuesday after Credit Suisse initiated coverage of the stock at 'underperform' with a 1,740p price target as it launched coverage of the European diversified financials sector.
The bank said its 2020-22 earnings per share forecast for HL are 6-13% below consensus expectations and it reckons the stock's premium valuation is difficult to support in the face of near-term headwinds.

CS said "momentum looks challenging" as HL missed its performance targets for fund flows, new clients and profit before tax in FY19. The bank estimated that underlying net fund flows slowed from £6.9bn in FY17 to £6.6bn in FY18 and £6.1bn in FY19.

"We think momentum is starting to look challenging for this 40% market share, 65% EBITDA margin, retail-facing business," it said.

"We see continued headwinds from the impact of the gating of the LF Woodford Equity Income fund (held in some HL Funds)," it added.

CS noted that HL trades at a premium to peers, reflecting its ability to gather assets under administration and grow earnings, even in difficult conditions. However, it said the valuation is vulnerable "given flow and margins, as well as potential reputation risks for this retail investor-facing company and the risk of consensus earnings downgrades".

In the same note, CS initiated coverage of Ashmore at 'underperform' with a 410p price target, while Standard Life and Schroders were started at 'neutral' with 270p and 3,250p price targets, respectively.

Jupiter Fund Management was initiated at 'underperform' with a 320p price target and London Stock Exchange was started at 'outperform' with a 8,340p target.

At 1415 BST, HL shares were down 2.9% at 2,019p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

JUP Market Data

Currency UK Pounds
Share Price 250.20p
Change Today 1.60p
% Change 0.64 %
52 Week High 432.00
52 Week Low 164.70
Volume 561,830
Shares Issued 447.30m
Market Cap £1,119.14m

JUP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
80.02% above the market average80.02% above the market average80.02% above the market average80.02% above the market average80.02% above the market average
71.21% above the sector average71.21% above the sector average71.21% above the sector average71.21% above the sector average71.21% above the sector average
Price Trend
54.94% below the market average54.94% below the market average54.94% below the market average54.94% below the market average54.94% below the market average
56.94% below the sector average56.94% below the sector average56.94% below the sector average56.94% below the sector average56.94% below the sector average
Income
87.23% above the market average87.23% above the market average87.23% above the market average87.23% above the market average87.23% above the market average
72.50% above the sector average72.50% above the sector average72.50% above the sector average72.50% above the sector average72.50% above the sector average
Growth
88.32% below the market average88.32% below the market average88.32% below the market average88.32% below the market average88.32% below the market average
90% below the sector average90% below the sector average90% below the sector average90% below the sector average90% below the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 5
Sell 1
Strong Sell 5
Total 13
sell
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

JUP Dividends

  Latest Previous
  Final Interim
Ex-Div 12-Mar-20 08-Aug-19
Paid 09-Apr-20 28-Aug-19
Amount 9.20p 7.90p

Trades for 29-May-2020

Time Volume / Share Price
16:12 592 @ 250.20p
16:11 8 @ 250.00p
16:11 438 @ 250.00p
16:11 1,135 @ 250.00p
16:10 1,395 @ 249.80p

JUP Key Personnel

CEO Andrew Formica
CFO Wayne Mepham

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