SHNWF - Schroders: Resilient U.K. Asset Manager With 4.6% Dividend Yield
Introduction
Schroders' (SHNWF) no-voting shares have returned more than 30% in London trading since our Buy recommendation in March, outperforming the FTSE All-Share Index by more than 20%.
Our original investment case was based on a combination of Asset Under Management ("AUM") growth, broadly stable fee margins, a stable Cost/Income ratio that allows earnings to grow in line with revenues, and a well-covered dividend that would be maintained even during downturns.
With the significant share price appreciation, as well as 19H1 results having been released last week, we revisit our Schroders