风险回报更新

PDF 第一页内容摘录（原文）

Not for redistribution without written consent of Morgan Stanley

M

Update

July 31, 2026 04:30 PM GMT

Morgan Stanley & Co. International plc+

AMUNDI SA | Europe

Marina Massuti

Equity Analyst

Risk Reward Update

AMUNDI SA (AMUN.PA, AMUN FP)

What’s Changed

Diversified Financials | France

AMUNDI SA (AMUN.PA)

From

To

Price Target

€90.00

€94.60

Bull Case

€130.50

€137.30

Base Case

€90.00

€94.60

Bear Case

€55.10

€57.90

Updated Components

EPS

Bull Base Bear Scenarios

Risk Reward for AMUNDI SA (AMUN.PA) has been updated

Stock Rating

Industry View

Price target

Shr price, close (Jul 30, 2026)

52-Week Range

Fiscal Year Ending

EPS (€)**

Prior EPS (€)**

Equal-weight

In-Line

€94.60

€94.00

€94.95-60.90

12/25 12/26e 12/27e 12/28e

6.61

7.94

7.46

8.44

8.01

8.64

8.22

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Reason for change

We update estimates to include 2Q26 results and MTM impact. Our AuM

assumptions rise ~4% for 2026-28, driven by improved flow momentum in Q2 and

rebounding market performance; driving management fees higher by ~4%. We

expect higher performance fees, reflecting the strength reported in H1, which

increases revenues by 3-4% p.a. over 2026-28. This is partly offset by a 2-3% p.a

increase in cost across our forecast period, resulting in earnings upgrades of 5-6%

p.a.. Our price target rises in tandem to €94.6, and our bull and bear valuations

increase by 5% too.

Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

Research as only a single factor in making their investment

decision.