Quilter | Delivering growth
Quilter Plc (QLT) has returned 13.8% since listing on 25 Jun '18 (JALSH: 1.18%, FTSE: -3.14%). QLT's FY'18 results positively surprised as Adjusted Operating Profit (AOP/share) rose 16% y/y due to a lower effective tax rate, an improved revenue margin and tighter cost control. UK Investor confidence has fallen to multi-year lows. QLT's Q4'18 net flows reduced to GBP0.6bn from an average of GBP1.3bn per quarter since Q1'15. The outlook for QLT in 2019 is challenging. We expect depressed flows at 3.3% of opening AUM (QLT target: 5%) and muted market movements of 3.2% y/y due to an appreciation of the Sterling and global market uncertainty.QLT's FY'18 results reflect a maturing business with a refined strategy and a clear focus on profitability. We forecast 11% and 6% CAGR in operating profit and AOP/share respectively to FY'21. QLT trades at a 10.9x forward P/E, a 36% discount to the peer average of 17x. We believe exposure, through QLT, to the structural growth, UK, DC savings market is attractive for long-term investors.
Quilter PLC Formerly known as Old Mutual Wealth Management Ltd. Quilter PLC, formerly Old Mutual Wealth Management Ltd, is engaged in wealth management business. The Company offers financial advice; investment platforms; multi-asset investment solutions and discretionary fund management offerings. Its segment includes Wealth Platforms and Advice and Wealth Management. Wealth Platforms includes its Old Mutual Wealth United Kingdom Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business. Advice and Wealth Management includes the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and the Multi-asset investment solutions business.
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