JHG - Franklin Resources: Rapidly Filling Up The Shopping Trolley
- The Franklin Resources 4Q21 result was well and truly overshadowed by the announced acquisition of Lexington Partners.
- Plentiful recent deal-making appears to have boosted investor sentiment towards the stock, assisted by strong equity market support for AUM.
- The Lexington Partners acquisition, whilst being 'on-strategy' and delivering growth in Alternatives, looks to be a fully-priced deal.
- Elsewhere, there are signs of operational improvements and management commentary is upbeat.
- Having fallen back from the initial sharp post-result bounce, a BULLISH rating continues to be supported by fundamental valuation appeal.
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Franklin Resources: Rapidly Filling Up The Shopping Trolley