Report
Steven Gould

Amundi : Q4 2019 results – Uncertainty on margins but growth in Asia

>Conclusion – Acquisition model…but difficult to fuel - On a stand-alone basis, the premium from which Amundi benefits reflects its intrinsic qualities (growth and C/I). The wager on the stock is based on the assumption of further acquisitions with strong cost-cutting potential but especially the securing of distribution capacity. The market has integrated this “investment case” for some time but identifying potential targets remains the issue. As the Italian and Fren...
Underlying
Amundi SA

Amundi is a holding company. Through its subsidiaries, Co. provides advisory and investment management services. Co. provides savings, financial instruments, equity trading, credit activities, and investment solutions for both private individuals and institutional and corporate clients worldwide.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Steven Gould

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