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Allfunds Group PLC ALLFG

Morningstar Rating
€5.70 −0.02 (0.35%)
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Company Report

Allfunds: Net Flows May Have Reached Inflection Point

Allfunds reported a first-quarter trading update, posting a 7% increase in assets under administration versus the same period a year ago driven entirely by market performance. Positively, net flows came in nearly flat with Allfunds pointing toward a potential reversal of recent downward trends. However, the platform did see continued outflows from existing clients, which were compensated by new clients. Allfunds sees particularly strong outflows from clients in Central Europe, with the rest of Europe and the world mostly contributing positively. The development is an improvement over last year. Revenue grew 18%, primarily on higher net treasury income, which benefited from higher cash volumes. We maintain our EUR 7.20 per-share fair value estimate and narrow moat rating.

Price vs Fair Value

ALLFG is trading within a range we consider fairly valued.
Price
€5.72
Fair Value
€6.40
Uncertainty
High
1-Star Price
€21.63
5-Star Price
€8.43
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Growing market penetration of open architecture fund distribution is a medium- to long-term tailwind in Allfunds’ sails.

Bears

A continued shift toward passive investing could weigh on Allfunds’ platform margin.

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Trading Information

Previous Close Price
€5.72
Day Range
€5.705.77
52-Week Range
€4.667.22
Bid/Ask
€5.68 / €5.84
Market Cap
€3.53 Bil
Volume/Avg
359,768 / 619,262

Key Statistics

Price/Earnings (Normalized)
11.72
Price/Sales
1.29
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield
1.41%

Company Profile

Allfunds Group PLC is a fund distribution platform connecting fund houses and distributors, creating a single access point for both sides to gain a wider reach with regard to assets under administration and fund variety, respectively. As of 2022, Allfunds had EUR 1.3 trillion in assets under administration stemming from about 860 distributors on its platform. In return, distributors gained access to about 139,000 funds from 3,000 different fund houses. Allfunds also provides ancillary services to both fund houses and distributors, covering the marketing, distribution, legal, regulatory, as well as data and analytics needs arising in the fund distribution space. Allfunds derives the majority of its revenue from Italy, Spain, and France.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Mid Core
Total Number of Employees
1,031

Competitors

Valuation

Metric
ALLFG
DB1
ENX
Price/Earnings (Normalized)
11.7218.4916.09
Price/Book Value
1.533.462.38
Price/Sales
1.295.385.08
Price/Cash Flow
13.5514.3713.39
Price/Earnings
ALLFG
DB1
ENX

Financial Strength

Metric
ALLFG
DB1
ENX
Quick Ratio
1.170.681.01
Current Ratio
1.181.011.01
Interest Coverage
6.3625.7319.72
Quick Ratio
ALLFG
DB1
ENX

Profitability

Metric
ALLFG
DB1
ENX
Return on Assets (Normalized)
3.89%0.67%0.31%
Return on Equity (Normalized)
9.25%20.05%14.92%
Return on Invested Capital (Normalized)
3.60%0.97%7.97%
Return on Assets
ALLFG
DB1
ENX
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