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

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Adjusted Net Revenue

EUR 908 mln

Q3 Adjusted EPS

EUR 2.04

Q3 Adjusted Net Income Group Share

EUR 409 mln

Q3 Adjusted Gross Operating Income

EUR 454 mln

Q3 Adjusted Pretax Profit

EUR 535 mln


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


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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