Amundi on the stock market – Interview with Nicolas Calcoen
As with all financial stocks, 2018 was a mixed year for the Amundi share price, which ended the year at €46.16 in bear markets, particularly at the end of the year. With a market capitalisation of €10 billion (1), Amundi remains the largest listed asset manager in Europe and among the top five traditional listed asset managers in the world.
Nicolas Calcoen, Head of finance, strategy and public affairs
What is your view on Amundi’s stock market performance?
Listed on the stock market in November 2015 at €45, Amundi’s share has since performed well (+11.6% (1)), outperforming both its European listed peers and the CAC 40. This trend is linked to Amundi’s good operating performance and the value creation resulting from the integration of Pioneer Investments. The TSR (2) is very favourable at 28.8% (1). By contrast, in 2018, like all financial stocks and in a bear market context, Amundi shares suffered with a decline of 34.7%, sharper than that of the French market (–11%) but less marked than that of its European peers (–39%).
What is the financial community’s perception of Amundi?
The opinion of investors and financial analysts remains very positive: since the listing, the performance of Amundi’s shares has demonstrated the Group’s growth capacity and the resilience of its results, thanks to its diversified business model. In an asset management sector facing many challenges, Amundi is perceived as a solid player with significant growth prospects.
Who are Amundi’s shareholders?
The “stable” shareholding (Crédit Agricole Group and Amundi employees) represents more than 70% of the capital. Within the free float (29.4% of the share capital), there are mainly Institutional shareholders whose geographical distribution is as follows: UK and US shareholders 53%, French shareholders 19%, with the balance being spread over continental Europe (excluding France) and Asia. We meet regularly with our shareholders in order to maintain the trusting relationship established in November 2015.
Distribution of capital
As of 31 December 2018
0.4% Treasury shares
29.4% Free float
69.9% Crédit Agricole Group
Proposed to the Shareholders’ Meeting of 16 May 2019:
€2.90 per share in cash i.e. 65% of 2018 net income (Group share) (before integration costs) i.e. a dividend yield of 5.8%(1).
Amundi shares are included in the following indices: SBF 120, FTSE4Good and MSCI.
- 31 July 2019
Publication of results for the first half of 2019
- 31 October 2019
Publication of results for the first nine months of 2019
CHANGE IN AMUNDI SHARE PRICE
(in euros – from the IPO in November 2015 to end of January 2019) Comparison with SBF 120 index (recalculated on the basis of the share price)
SBF 120 +2.3%
Average of European asset managers - 29.4%
Source: Thomson Reuters
(1) As at 31 January 2019.
(2) Total Shareholder Return: change in share price + dividends paid in 2016, 2017 and 2018 + detachment of the preferential subscription right in March 2017.