First Read: Amundi SA "Best of Europe Virtual Conference 2026 - Feedback" (Buy)

研报英文原文证据摘录

First Read: Amundi SA "Best of Europe Virtual Conference 2026 - Feedback" (Buy)

Global Research

13 May 2026ab

First Read

EquitiesAmundi SA

Best of Europe Virtual Conference 2026 - France

Feedback Diversified Financial

12-month rating Buy

12m price target €90.00

Amundi at the Best of Europe Virtual Conference 2026

We hosted Aurélia Lecourtier, CFO of Amundi and Cyril Meilland, Head of Investor

Relations for meetings, with the key takeaways below. Price (13 May 2026) €85.10

RIC: AMUN.PA BBG: AMUN FP

Key takeaways

Trading data and key metrics

Amundi presented an upbeat message during today's meetings, in line with

52-wk range €85.70-61.80

management’s tone at the Q1:26 results in late April, and reiterated the 2028 guidance

Market cap. €17.3b/US$20.2b

it set for earnings and cost efficiency at its Nov-25 CMD. Flow Outlook - The company

reminded investors of its strong €32bn of Q1:26 inflows (well distributed across asset Shares o/s 203m (ORD)

classes, clients and geographies) which were weighted towards Jan/Feb given the Free float 29%

increase in geopolitical risks in March. Management indicated that they need to be more Avg. daily volume ('000) 152

cautious on the flow outlook for the rest of the year given the geopolitical uncertainty Avg. daily value (m) €11.8

but noted that flows were still positive in March, as well as in April. Distribution Common s/h equity (12/26E) €12.8b

networks - Amundi continues to add new distribution networks (more than 600 now) P/BV (12/26E) 1.3x

which are driving inflows across products (active, passive & money markets). These Net debt to EBITDA (12/26E) NM

networks have been an important source of flows over the past 3 years with Amundi’s

EPS (UBS, diluted) (EUR)

one-stop shop proposition resonating well with distributors.