Amundi Earnings: Strong Q4 2024 Results Show Market Activity Acceleration; Shares Undervalued

Narrow-moat Amundi reported a solid fourth quarter, with net income growing 20% year over year, leading to EPS of EUR 1.84, comfortably exceeding the FactSet consensus of EUR 1.70. Full-year net income also showed 13% growth, surpassing our expectations. The strong performance was driven by significant inflows, which doubled in 2024 compared with 2023, pushing total assets under management, or AUM, to a record EUR 2.240 trillion—a 10% year-over-year increase. We believe Amundi’s success stems from its market leadership and growth in passive strategies, balanced by scale advantages that support double-digit EPS expansion. We leave our EUR 82 per share fair value estimate unchanged and view shares as undervalued.