Q226 preview: strong quarter from markets, prefer AMUN at discount

Research evidence excerpt

Q226 preview: strong quarter from markets, prefer AMUN at discount

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European Asset Management

Q226 preview: strong quarter from

markets, prefer AMUN at discount

Price Objective Change

EPS upgrades driven by markets and flows 06 July 2026

We expect a strong quarter for EU asset managers given positive markets driving rising Equity

risk appetite and flows. Industry flow data implies long-term asset inflows led by Pan-Euro

passives, benefiting both equities and fixed income (see our Flow Tracker report). Net Other Financials

new money growth is expected to be ~5% ann. for Q226 and above average given Hubert Lam >>

cyclical tailwinds. We raise 2027-28 EPS 4% for the sector. Despite both stocks rising Research Analyst

>20% YTD, valuation remains undemanding given EPS upgrades. We continue to prefer MLI+44 (UK)20 7996 7112

Amundi SA (AMUN; PO of EUR97.0) on 10x 2027 PE given its ~15% discount to DWS hubert.lam@bofa.com

(PO of EUR73.0) despite similar flow growth expected in 2027-28. We also see a Christiane Holstein >>

Research Analyst

positive catalyst from the India spin-out including capital release and continued MLI (UK)

buybacks with ~EUR220m left to go. The sector benefits from rising markets as the christiane.holstein@bofa.com

Middle East situation eases. Conor Callaghan >>

MLI (UK)

conor.callaghan@bofa.comAMUM (July 30th): trading at a discount to DWS

We raise EPS 3-4% for marking-to-market driving our higher PO. Given Q126’s record

inflows, we expect Q226 to be lower QoQ but still be resilient at 4% ann. growth driven

by passive/ETF and active growth. This includes further asset reduction from Unicredit.

AMUN’s ICG stake starts to contribute in Q226 with an initial 8% holding that rises to Exhibit 1: PO changes

9.9% in Q326.