Brooks Macdonald
Ticker: BRK Exchange: AIM www.brooksmacdonald.com/

Brooks Macdonald Group plc, through its various subsidiaries, provides leading investment management services in the UK and internationally. The Group, which was founded in 1991 and began trading on AIM in 2005, had discretionary Funds under Management of £17.3 billion as at 31 December 2021.

FUM inflow momentum continues in turbulent markets

CTA April 22

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Amidst significant market volatility - which often coincides with net outflows for asset and wealth managers - BM impressively recorded £0.2bn of net Funds Under Management (FUM) inflows during Q3 of FY22 (Jan - Mar 22). This was its fourth consecutive quarter of positive net flows, and indicative of continuing strong momentum in the business.

We have made a small ‘mark to market’ adjustment to our forecasts (FY22 estimate reduces from £17.2bn to £17.1bn, FY23 from £18.8bn to £18.7bn), but remain confident that BM is well placed to achieve its longer-term ambitions (reaching £26-£27bn FUM in the next 5-6 years, excluding acquisitions) and highlight that our fundamental value is 3,200p per share (29% above the current share price), while BM’s PER of 19.8 is 23% below the sector median of 25.7.

 

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