Aberdeen Group (ABDN.L): Estimate changes ahead of 1H26

研报英文原文证据摘录

Aberdeen Group (ABDN.L): Estimate changes ahead of 1H26

Equity Research

8 July 2026 | 9:21PM BST

Ahead of ABDN’s 1H26 results (29 July), we update our estimates to incorporate the Oliver Carruthers, CFA

+44(20)7552-9364 |

latest market dynamics and performance. Taking into account strong market oliver.carruthers@gs.com

Goldman Sachs International

performance in the second quarter, particularly in emerging markets, our AuM

Anshika Mehrotra

estimates over FY26-28 come up c.1%, driving a similar increase to our Investments +1(212)934-7679 |

segment revenues. Offsetting this, we lower our trading revenue forecasts in the anshika.mehrotra@gs.comGoldman Sachs India SPL

interactive investor business (“ii”), largely reflecting lower revenue per trade Naimeh Sabourian

following the new pricing plan introduced earlier this year, but model slightly higher +44(20)7051-0573naimeh.sabourian@gs.com|

NII. As a result of these changes, our operating profit forecasts come down by c.1% Goldman Sachs International

Fergusonover the period. Along with a 1Q valuation roll forward, our new 12m SOTP-derived Tom | +44(20)7051-0547

price target rises slightly to 255p (previously 250p). Through 1H reporting, we tom.ferguson@gs.com Goldman Sachs International

expect investors will focus on: (i) overall bridge towards the operating profit target of

at least £300mn in 2026, with Visible Alpha Consensus estimates remaining slightly

below (£295mn); (ii) revenue mix in the ii business this year in light of the recent ii

pricing plan changes and management expectations of stronger subscription fees

and treasury income to offset lower FX/trading fees; (iii) flow dynamics and revenue

margins within Investments, with management noting progress so far this year