Oddo BHF remains bullish on Amundi ahead of quarterly results
Oddo BHF maintains its "outperform" rating on Amundi, with a price target marginally adjusted from 84 to 83 EUR (following the 4.25 EUR 2025 dividend strip) to account for the recent market correction.
As the asset manager prepares to release its quarterly results on April 29, the brokerage forecasts total assets under management (AUM) of 2,365bn EUR at the end of March, up 5.2% year-on-year and in line with consensus.
Oddo BHF also projects total revenues of 840m EUR for Q1 2026 (versus a consensus of 835m EUR), as well as an adjusted net income of 319m EUR, representing 4.9% growth and matching consensus estimates (318m EUR).
"Amundi, which is in the early stages of executing its new strategic plan, benefits from a highly resilient business model, with growth potential that remains undervalued," the analyst notes.
Furthermore, the broker believes that the upcoming Initial Public Offering (IPO) of its Indian joint venture should further highlight the stock's depressed valuation.
Amundi features among the world's leading asset management firms. The group performs active management of shares, bonds and yields. It also conducts passive management of indexed funds as well as management of non-liquid assets (property assets and private debts).
At the end of 2025, Amundi had more than EUR 2,380 billion outstandings under management, spread mainly over the following customer types: institutional customers and employee savings schemes (33.5%), partner networks and third-party distributors (29.6%), and insurers (19.1%).
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