MAN GROUP (+) : Man of the Match

Research evidence excerpt

MAN GROUP (+) : Man of the Match

EQUITIES

DIVERSIFIED FINANCIALS

MAN GROUP PRICE*OUTPERFORM296p  TARGET PRICE 350pFROMNEUTRAL(UPSIDE 18%) TARGET 25%PRICE EPS 3%26e EPS15%27e

Man of the Match

Strong momentum across the business; further material upside ahead: upgrade to O/P18 JUNE 2026

Securities Research Report While Man Group shares have strongly outperformed YTD (up 29%, outperforming the STOXX 600

Production time: 05:16* (London time) by >20%), we see significant upside yet to be priced in: we increase our adj. mgt fee EPS by 18-19%

Research Analysts & Publishing Entities across 2026-28 and now sit above the top end of consensus. Drivers of this upside are i) strong mark

Arnaud Giblat to market ii) pick up in flows; especially in credit and iii) buybacks. There is also material optionality

BNP Paribas London Branch to performance fees (at this stage we do not make material changes to our perf fee estimates). We(+44) 203 430 8513

arnaud.giblat@uk.bnpparibas.com upgrade to Outperform and increase our TP to 350p.

Gregory Simpson Performance fee eligible AUM above or close to HWM: option value at its highestBNP Paribas London Branch

(+44) 203 430 8548 Man is most attractive when AHL, GLG and 1783 are close to HWM. This is especially true given the

gregory.simpson@uk.bnpparibas.com volatility of the funds (like a call option is worth more at strike and when the underlying is volatile).

This also increases the prospect of new buybacks ($50m recently announced added to our estimates

and scope for further). Fund performance is also a clear driver of upside to flows and the valuation

multiple.

Strength in Credit flows and upside elsewhere

Based on our tracking of funds, we expect a bumper Q2 in discretionary long only with $3bn net

flows.