Allfunds Group (ALLFG.AS), mcap=€4.7bn, price €7.53 vs €7.56

– Leading mutual fund distribution platform in Europe.
– Recurring revenue business model with strong network effects and scale benefits.
– Track record of double-digit growth with less than 10% of addressable market penetration.
– Growth is set to continue as mutual fund distribution shifts from captive channels to platforms like ALLFG.
– The recent 50% sell-off was driven by temporary industry environment factors.

Valuation: Trades at 16x consensus adjusted EPS, which is at the lower end peer comps.

Exp. gain: Not specified.

Full ALLFG.AS write-up (free guest account required):

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