Jefferies cuts 2024 EPS estimates for European AMs, downgrades DWS to 'hold'

Petershill Partners

10/05/2024 10:24

** Jefferies modestly revises down its EPS estimates for
European asset managers for 2024, seeing scope for lower carried
interest "given anaemic exit volumes YTD"
    ** The broker's biggest downward EPS revisions are at
Petershill Partners  PHLL.L  ("buy"), down 17%, EQT AB
 EQTAB.ST  ("buy"), down 13%, and Partners Group  PGHN.S 
("hold"), down 9%
    ** Jefferies is nevertheless "constructive on realisation
activity picking up" through H2 2024 and 2025, it says
    ** It cuts German fund DWS  DWSG.DE  to "hold" since it has
now announced the special dividend which had made it a "buy" for
the broker

 (Reporting by Louis van Boxel-Woolf)
 ((Louis.vanBoxel-Woolf@thomsonreuters.com))