Schroders PLC

SDR: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 644.00	Gzxdrbn	Cvgdplly

Schroders: Strong Result as Expected

Johann Scholtz

Jul 29, 2021

Narrow-moat Schroders reported aftertax profits of GBP 305 million for the first half of 2021, 37% higher than the GBP 223 million it reported a year earlier for the same period. Reported revenue was slightly higher than what the company-compiled sell-side consensus expected, while cost growth came in marginally lower than expected. We are likely to increase our fair value estimate of GBX 4,100 per share on the back of these results and maintain our narrow economic moat rating.

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