Amundi SA AMUN

Morningstar Rating
€69.25 +0.30 (0.44%)
View Full Chart

Company Report

Amundi Captive Distribution Remains a Major Competitive Advantage

The captive distribution agreements that Amundi has in place with its banking partners are central to the investment case for Amundi. While assets from retail clients only make up around 30% of Amundi's consolidated assets under management, Amundi generates more than 70% of its revenue from retail assets. Amundi originates the bulk of its retail assets through exclusive distribution agreements it has with its banking partners—Credit Agricole, Societe Generale, UniCredit, and Sabadell Asset Management. Assets generated through these captive channels are very profitable as they are cheaper to distribute and the assets tend to be stickier than third-party assets.

Price vs Fair Value

AMUN is trading within a range we consider fairly valued.
Price
€69.25
Fair Value
€35.00
Uncertainty
High
1-Star Price
€954.20
5-Star Price
€99.40
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Amundi's captive distribution agreements lead to sticky clients, which supports higher margins and greater earnings visibility. Using bank branches as a proxy, it has a 40%-plus market share in retail investment products distributed through bank branches in France.

Bears

Captive distribution model in continental Europe will be under increasing pressure from investors and regulators alike.

Trading Information

Previous Close Price
€68.95
Day Range
€68.8569.45
52-Week Range
€48.2272.35
Bid/Ask
€69.10 / €69.30
Market Cap
€14.11 Bil
Volume/Avg
147,885 / 120,667

Key Statistics

Price/Earnings (Normalized)
11.03
Price/Sales
2.47
Dividend Yield (Trailing)
5.92%
Dividend Yield (Forward)
5.92%
Total Yield
11.62%

Company Profile

Amundi is the result of the merger of the asset manager businesses of French banks Credit Agricole and Societe Generale in 2010. In 2017 it expanded into Italy, Germany, and Austria by acquiring Pioneer Investments, previously the asset manager of UniCredit. France accounts for just under half of assets under management, while Italy and the rest of Europe contribute about 30% combined. Assets from Asia are growing rapidly and contribute just shy of 20%. Amundi is the largest European asset manager and a top 10 asset manager globally.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Mid Value
Total Number of Employees
5,500

Competitors

Valuation

Metric
AMUN
SDR
BAER
Price/Earnings (Normalized)
11.0311.0425.15
Price/Book Value
1.251.321.71
Price/Sales
2.471.962.80
Price/Cash Flow
11.4111.348.96
Price/Earnings
AMUN
SDR
BAER

Financial Strength

Metric
AMUN
SDR
BAER
Quick Ratio
0.825.03
Current Ratio
2.155.03
Interest Coverage
11.81
Quick Ratio
AMUN
SDR
BAER

Profitability

Metric
AMUN
SDR
BAER
Return on Assets (Normalized)
3.55%2.41%0.39%
Return on Equity (Normalized)
11.42%11.93%6.30%
Return on Invested Capital (Normalized)
9.84%10.19%
Return on Assets
AMUN
SDR
BAER

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