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Investing.com - Deutsche Bank (ETR:DBKGn) initiated coverage on Allfunds Group Plc ( AMS (VIE:AMS2):ALLFG) with a Buy rating and a price target of EUR8.50 on Monday.
The investment bank describes Allfunds as an "organic-growth-at-reasonable-price investment case," highlighting its potential for sustained expansion over the medium term from 2024 through 2028.
Deutsche Bank projects Allfunds can deliver approximately 15% annual platform AuA (Assets under Administration) growth, 10% annual group revenue growth, and 15% annual EPS growth during this period.
The firm views this growth trajectory as attractive considering Allfunds’ FY25E price-to-earnings ratio of approximately 16x on a company-stated basis, or about 18x based on Deutsche Bank’s calculations, which include several "below-the-line" items they believe should be included in adjusted EPS.
Deutsche Bank forecasts that Allfunds’ P/E ratio could fall to approximately 10x-11x by FY28E, suggesting a potential 1.75x total shareholder return over the 3.5 years to FY28E.
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