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Michele Maatouk Sharecast News
20 Nov, 2020 11:34 20 Nov, 2020 11:34

Barclays starts coverage of investment platforms, likes IntegraFin

AJ Bell

454.00p

12:40 24/12/24
0.44%
2.00p

Barclays initiated coverage on AJ Bell, Quilter and IntegraFin on Friday, as it noted that UK investment platforms have traded at high multiples since their debuts in 2018, reflecting attractive structural assets under management growth.

Financial Services

17,588.17

12:54 24/12/24
0.77%
133.83

FTSE 100

8,136.99

12:59 24/12/24
n/a
n/a

FTSE 250

20,571.51

13:00 24/12/24
n/a
n/a

FTSE 350

4,491.87

12:54 24/12/24
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FTSE All-Share

4,449.61

13:14 24/12/24
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Hargreaves Lansdown

1,097.00p

12:34 24/12/24
0.09%
1.00p

IntegraFin Holding

353.00p

12:40 24/12/24
1.58%
5.50p

Quilter

153.80p

12:40 24/12/24
2.19%
3.30p

"While we expect this AUM growth to continue (we expect 13% per annum for IntegraFin), we see a divergent picture for profitability with stock-specific headwinds causing an under-appreciated dislocation between AUM and earnings growth,” it said.

Barclays initiated coverage of AJ Bell at ‘underweight’ with a 320p price target, while Quilter was started at ‘equalweight’ with a 140p price target and IntegraFin Holdings at ‘overweight’ with a 600p price target.

The bank said IntegraFin is the name it prefers, with 21% implied upside, joining 3i and Hargreaves Lansdown as favoured names in the sector.

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