Aberdeen Group PLC (ABDN.L): Quick Thoughts Post H126 - Call Reassuring

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Aberdeen Group PLC (ABDN.L): Quick Thoughts Post H126 - Call Reassuring

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29 Jul 2026 06:15:09 ET │ 11 pages

Aberdeen Group PLC (ABDN.L)

Quick Thoughts Post 1H26 - Call Reassuring

CITI'S TAKE

Buy Aberdeen’s call was relatively brief. While investors reacted negative to

headline flow and margin misses, we came away from the call with Price (29 Jul 26 08:24) £2.32

management reassured on the earnings outlook for the business and, Target price £2.80

consistent with our Initial Reaction, continue to expect limited changes to Expected share price return 20.7%

consensus estimates. We also disagree with relatively more cautious Expected dividend yield 6.3%

investors that have argued that a lack of upgrades post results should Expected total return 27.0%

imply recent re-rating was not warranted, as consensus estimates have

Market Cap £4,271M increased mid-SD since 1Q26, which the business continues to become

US$5,675M better quality, given the ongoing shift towards ii. We have a Buy rating on

Aberdeen shares, as we see attractive significant earnings upside vs

consensus, significant re-rating potential across all segments, and

attractive optionality. Nicholas HermanAC

+44-20-7986-4203

Investments: Expecting A Better 2H26 – Investors reacted negatively to the flow nicholas.herman@citi.com

miss as well as to fee margins that were flat vs 2H25 at 18.5bps, despite strong EM

markets, and Aberdeen did not explicitly reiterate its c19bps margin expectation. On

the call management noted that expectations are unchanged. they continue to

expect c19bps margin for FY26, which is expected to be supported by recent

acquisitions. Aberdeen also guided to “much better” equities flows in 2H26,

following notably improved fund performance and commercial outcomes. 2Q26