EU FINANCIALS: Abrdn - Q4 AUM & Flows update
Jan-24 13:40
Abrdn - Q4 AUM & Flows update
Cessation of negatives will be a credit positive
- Positive markets and net inflows boost AUMA 3% to £511bn
- Net Inflows for 2024 +0.3bn - while not stellar will be a relief after -£17.9bn in 2023
- Cost reductions broadly delivered with £100m realised in 2024 and on track to hit £150m by 2025 target
- FY 2024 operating profit expected to be in line with market expectations which are just below £250m
Abrdn have the ABDNLN 5.25% Perp outstanding, which trade significantly wide for the rating. They have a first call date in Dec 26, but the coupon only resets in Mid-2027. Given the large float spread of UKT 5yr +479bps, it is pricing (and shown here) to that call, but smaller issuers often like being market friendly with calls and assuming a call in Dec 26 gets you to Z+509 or 9.5% yield - which will screen attractive, should the business turnaround continue
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