From Breakingviews: Man Group’s assets under management have hit a record high, but its shares remain curiously depressed, writes Unmack1
A broker looks at a graph on his computer screen in London, Britain January 3, 2018. REUTERS/Simon Dawsonis having a good year. The London-based company said on Thursday that its assets under management rose to a record $135 billion in June and reported pre-tax profit of $280 million in the six-month period, surpassing the total for all of 2020 of $179 million. Rebounding markets and winning bets, which boost performance fees, have helped.
Shares rose 2% after the results, but that still undervalues the company. Man is trading at just over 10 times this year’s earnings, according to Refinitiv estimates, a discount to the sector average of around 14. Shareholders struggle to value performance fees, which made up over 40% of Man’s core revenues in the first half of the year. Man is putting its money where its mouth is: the company announced another $100 million share buyback.
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