Model update: remain Overweight
We are updating our PRU model to reflect Q1 results, profitability trends and detailed commentary from management. As a result, our FY18 EPS forecast increases by 1.4% as the strong Q1 numbers flow through. However, we have decreased our FY19 EPS and FY20 EPS forecasts by 0.2% and 0.5% given increased caution regarding future net investment spreads. We retain our Overweight recommendation with the stock trading on less than 1.0x BVPS but with an operating ROE of ~13%. However, we have lowered our price target to $130 (from $140) reflecting share price weakness and the increased difficulty in reaching our previous target within 12 months.Prudential Financial is a holding company. Through its subsidiaries and affiliates, the company provides a range of financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management. The company provides these products and services to individual and institutional customers. The company's principal operations are comprised of PGIM (its global investment management business), its United States Businesses (consisting of its United States Workplace Solutions, United States Individual Solutions, and Assurance IQ divisions), its International Businesses, the Closed Block division and its Corporate and Other operations.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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