Man Group Plc H1 2026 - Firing on all cylinders; A strong across-the-board result

研报英文原文证据摘录

Man Group Plc H1 2026 - Firing on all cylinders; A strong across-the-board result

Forecast returns

Forecast price appreciation 6.7%

Forecast dividend yield 4.9%

Forecast stock return 11.6%

Market return assumption 9.1%

Forecast excess return 2.4%

Company Description

Man Group is a global alternative investment manager serving both retail and institutional

clients. Founded in 1783, it has a global presence with offices in every major region. Man

Group was listed on the London Stock Exchange in 1994.

Valuation Method and Risk Statement

We value EMG using a two-stage discounted cash flow model.

There are a number of risks facing EMG. The most important, in our view, is performance risk,

which describes the ability of EMG to beat their fund performance benchmarks. In a scenario

where EMG is unable to beat its fund performance benchmarks, the firm may lose client

flows. Investors, tend to base their asset management allocation decisions on the 1-year, 3-

year and 5-year track records of the funds so a weakening performance record will have a

negative impact on client flow market share and ultimately, EMG's bottom-line. EMG faces

the risk of increased regulation on its business. This regulation can come in many forms

including how funds are marketed, how they are managed, the disclosures surrounding the

funds and its fees and how research costs are booked. In our view, the greatest risk to the

asset managers would be how research is paid for by the asset managers. Currently, asset

managers reduce the research costs from the value of client assets. However, it is possible that

the regulators will decide that these research costs are best paid for by the asset managers

themselves (by bringing the costs onto the income statement). Nonetheless, in general, any