France's Amundi Q3 profit rises 20% on higher management fees

Overview

• France asset manager's Q3 adjusted net income rose 20% yr/yr

• Q3 adjusted net revenue grew 11% yr/yr

• Q3 net inflows reached €46 bln, excluding Indian mandate transfers

Outlook

• Amundi cites strong business momentum supporting its 2028 strategic plan ambitions

• Company expects to capture further growth opportunities in the savings industry

• Company did not provide specific financial guidance for upcoming quarters or full year in its press release

Result Drivers

• MANAGEMENT FEES - Co said Q3 revenue growth was driven by higher management fees from sustained net inflows and asset growth

• MLT ASSETS INFLOWS - Co said strong net inflows into medium-long-term assets, especially ETFs, index solutions, and active management, drove results

• COST CONTROL - Co said positive jaws effect and mostly flat costs helped improve cost-income ratio in Q3

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 8 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the investment management & fund operators peer group is "buy."

• Wall Street's median 12-month price target for Amundi SA is €98.60, about 10.4% above its October 28 closing price of €89.30

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

Reuters Recommended Reads

• Oct 28 - European banks beat profit forecasts, Brazil overshadows Santander

• Oct 28 - BNP Paribas beats Q3 profit forecasts, unveils €1.3 billion share buyback

• Oct 29 - SocGen reports Q3 profit rise of 24% as investment bank rebounds

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)