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Man Share News (EMG)
Share News for Man (EMG)
| Share Price: 86.95 | Bid: 86.80 | Ask: 86.95 | Change: -2.60 (-2.90%) |  | ||||||
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Glance-STOCKS NEWS EUROPE-Man Group drops; Citi cuts to 'hold'
Wed, 12th Nov 2008 13:03
STOCKS NEWS Reuters Results diary
Stocks on the
12:42GMT 12Nov2008-Man Group drops; Citigroup cuts to 'hold'
------------------------------------------------------------
Shares in Man Group top the FTSE 100 fallers list, dropping 13.9 percent to extend recent falls following last week's first half results, with Citigroup cutting its rating for the hedge fund manager to 'hold' from 'buy'.
The broker says it has cut its EPS estimates for Man Group by 6 percent for full year 2008/09 and by 22 percent for full year 2009/10 to reflect lower assets under management.
Citigroup points out that Man Group' s near-term outlook depends on one 'engine' of growth, its AHL hedge fund.
Having even one engine puts Man Group in a better position than its peers, Citigroup thinks, but, in its view, more AHL also means more earnings volatility for the firm.
Citigroup notes Man Group has $1.5 billion surplus capital and a 14 percent free cashflow FCF yield, which supports a 12 percent dividend yield for investors while they wait for a share price recovery.
But the broker says that with negative earnings momentum and challenging asset under management trends, it is hard to see what will trigger recovery in the stock in the near term.
Citigroup has reduced its price target for Man Group to 265 pence from 570.
Reuters Messaging:jon.hopkins.reuters.com@reuters.net
COPYRIGHT
Copyright Thomson Reuters 2008. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
STOCKS NEWS Reuters Results diary
Stocks on the
move Real-time Equity News
12:42GMT 12Nov2008-Man Group drops; Citigroup cuts to 'hold'
------------------------------------------------------------
Shares in Man Group top the FTSE 100 fallers list, dropping 13.9 percent to extend recent falls following last week's first half results, with Citigroup cutting its rating for the hedge fund manager to 'hold' from 'buy'.
The broker says it has cut its EPS estimates for Man Group by 6 percent for full year 2008/09 and by 22 percent for full year 2009/10 to reflect lower assets under management.
Citigroup points out that Man Group' s near-term outlook depends on one 'engine' of growth, its AHL hedge fund.
Having even one engine puts Man Group in a better position than its peers, Citigroup thinks, but, in its view, more AHL also means more earnings volatility for the firm.
Citigroup notes Man Group has $1.5 billion surplus capital and a 14 percent free cashflow FCF yield, which supports a 12 percent dividend yield for investors while they wait for a share price recovery.
But the broker says that with negative earnings momentum and challenging asset under management trends, it is hard to see what will trigger recovery in the stock in the near term.
Citigroup has reduced its price target for Man Group to 265 pence from 570.
Reuters Messaging:jon.hopkins.reuters.com@reuters.net
COPYRIGHT
Copyright Thomson Reuters 2008. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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