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1. Company Snapshot

1.a. Company Description

Amundi is a publically owned investment manager.The firm engages in the asset management business.The company provides a range of retail products and solutions through quasi-exclusive distribution agreements with the retail banking networks of the Crédit Agricole and the Société Générale groups in France; and through international partner networks and joint ventures outside France, as well as through third-party distributors primarily in France, rest of Europe, and Asia.


It also offers management and advisory services for various pension funds, insurers, and sovereigns; and treasury management and employee savings solutions for corporate customers through global relationship managers supported by sales and marketing staff in 30 countries.It was formerly known as Amundi Group.The company was founded in 1982 and is headquartered in Paris, France.


Amundi Group operates as a subsidiary of Credit Agricole S.A.

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1.b. Last Insights on AMUN

Amundi's recent performance has been impacted by several factors. The company's third-quarter results showed a 4% growth in pre-tax income, driven by management fees and technology. However, UniCredit's decision to pull client funds from Amundi by mid-2027 may pose a challenge. Additionally, investors are shifting from high-valued stocks to potential next-in-line winners, reviving a strategy from the 1990s dotcom era. Amundi's assets under management reached a record high of €2,317bn, with sustained inflows over nine months. Despite this, the company's growth may be affected by changing investor sentiment.

1.c. Company Highlights

2. Amundi's Strong 2025 Results Driven by Record AuM and Net Inflows

Amundi's financial performance in 2025 was impressive, with total revenues reaching nearly EUR 900 million in the fourth quarter, up 8% compared to the same period in 2024, driven by a 7% increase in net management revenues and a 37% increase in technology revenues. The adjusted pretax income rose 12% for the quarter and 6% for the year, while the adjusted EPS reached EUR 6.58, significantly higher than the estimated EUR 3.64 actual EPS for the year, which more than doubled the estimates of '1.68'. The company's cost control was effective, with an adjusted cost-income ratio of 52.1% for the full year.

Publication Date: Feb -06

📋 Highlights
  • Record AUM Growth: Assets under management reached EUR 2.4 trillion, up 6%, driven by EUR 88 billion in net inflows (triple institutional inflows in Q4).
  • Strong Financial Performance: Adjusted pretax income rose 12% (Q4) and 6% (full-year), with adjusted EPS at EUR 6.58 and EUR 500 million share buyback planned.
  • Retail & Institutional Momentum: EUR 22 billion retail inflows (third-party distributors) and EUR 48 billion institutional inflows (EUR 61 billion long-term assets) in 2025.
  • Asia & Europe Growth: EUR 33 billion net inflows in Asia and EUR 40 billion in Europe, including EUR 29 billion from the U.K., reflecting regional expansion.
  • Strategic Dividend & Buyback: EUR 4.25 dividend (10% above target) and EUR 500 million share buyback, returning EUR 1.4 billion to investors (10% of market cap).

Revenue Growth and Margin Analysis

The revenue growth was driven by business-related fees, with a revenue margin of 15.9 basis points pro forma, down 50 basis points from the full-year 2024. The net management revenues increased by 7% in Q4, contributing to the overall revenue growth. As Nicolas Calcoen mentioned, "our investment management teams delivered sustained performance in 2025, with close to 3/4 of our open-ended funds in the top 1-year, 3-years, and 5-years categories," indicating strong asset management capabilities.

Assets Under Management and Net Inflows

Amundi's assets under management reached EUR 2.38 trillion, up 6% over the year, driven by EUR 88 billion in net inflows, mostly from medium- and long-term assets in retail and institutional segments. The long-term net inflows more than doubled to EUR 81 billion, with EUR 76 billion from passive management, including EUR 46 billion in ETFs. The institutional segment saw significant growth, with net inflows of EUR 48 billion, triple the level of 2024.

Valuation and Dividend Yield

With a P/E Ratio of 9.35 and a Dividend Yield of 5.45%, Amundi's valuation appears reasonable. The proposed dividend per share of EUR 4.25 represents a payout of 74%, or EUR 1 billion, above the minimum 65% target. The share buyback of EUR 500 million will start soon and is expected to last a year, returning excess capital to shareholders. The company's ROE is 13.27%, indicating a relatively strong return on equity.

Growth Prospects and Strategic Priorities

Amundi's growth strategy is focused on key areas such as retirement, digital distribution, and Asia. The company secured a major mandate for Ireland's new auto-enrollment pension scheme and launched a retirement offer with Moneybox, a digital wealth management platform in the U.K. The Asian joint ventures contributed EUR 135 million, or 10% of the net result, indicating significant growth potential in the region.

3. NewsRoom

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Amundi obtains regulatory approval for ICG board seat and will consolidate its stake using the equity method as from 31 March 2026

Feb -19

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Commencement of Share Buyback Programme and Appointment of Non-Executive Director

Feb -19

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Victory Capital CEO Sees “Mass Consolidation” as Firm Targets $1T AUM at BofA Conference

Feb -16

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Why The Narrative Around Amundi (ENXTPA:AMUN) Is Shifting After Fresh Valuation And Earnings Calls

Feb -13

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Asian Stocks Hit Records, AI Concerns Ease: Amundi's Yao

Feb -10

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Umicore - Transparency notifications by Amundi SA

Feb -06

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Victory Capital Q4 Earnings Call Highlights

Feb -06

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Amundi launches a 500 million euros share buyback programme

Feb -04

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.97%)

6. Segments

Portfolio Management and Investment Advice

Expected Growth: 8.97%

Amundi's 8.97% growth in Portfolio Management and Investment Advice is driven by increasing demand for ESG and sustainable investments, expansion into new markets, and strategic partnerships. Additionally, the company's robust investment capabilities, diversified product offerings, and strong distribution network have contributed to its growth.

7. Detailed Products

Active Management

Amundi's active management products offer a range of actively managed funds that aim to outperform the market through the expertise of their fund managers.

Indexing & ETF

Amundi's indexing and ETF products track a specific market index, providing investors with broad diversification and cost-effective exposure to various asset classes.

Real Assets

Amundi's real assets products invest in tangible assets such as real estate, infrastructure, and private equity, providing a hedge against inflation and diversification benefits.

Responsible Investment

Amundi's responsible investment products incorporate environmental, social, and governance (ESG) factors into the investment process, aligning with investors' values and promoting sustainable development.

Multi-Asset Solutions

Amundi's multi-asset solutions offer a range of diversified portfolios that combine different asset classes to achieve specific investment objectives, such as income generation or capital growth.

Alternative Investments

Amundi's alternative investment products offer a range of non-traditional investment strategies, such as hedge funds, private debt, and real assets, to provide diversification and absolute returns.

8. Amundi's Porter Forces

Forces Ranking

Threat Of Substitutes

Amundi's investment products are diversified, but there are substitutes available in the market, which can affect the company's market share.

Bargaining Power Of Customers

Amundi's customers are institutional investors and distributors, who have limited bargaining power due to the company's strong brand reputation and diversified product offerings.

Bargaining Power Of Suppliers

Amundi's suppliers are mainly technology providers and service providers, who have limited bargaining power due to the company's large scale of operations and diversified supplier base.

Threat Of New Entrants

The asset management industry has high barriers to entry, including regulatory requirements and the need for significant capital investment, which limits the threat of new entrants.

Intensity Of Rivalry

The asset management industry is highly competitive, with many established players competing for market share, which increases the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 15.96%
Debt Cost 6.44%
Equity Weight 84.04%
Equity Cost 9.91%
WACC 9.36%
Leverage 19.00%

11. Quality Control: Amundi passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
KBC Ancora

A-Score: 7.0/10

Value: 2.6

Growth: 4.8

Quality: 7.9

Yield: 8.8

Momentum: 9.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
MandG

A-Score: 6.8/10

Value: 7.3

Growth: 1.8

Quality: 4.3

Yield: 10.0

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Ninety One

A-Score: 6.6/10

Value: 5.0

Growth: 2.0

Quality: 8.0

Yield: 8.8

Momentum: 8.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Amundi

A-Score: 6.4/10

Value: 5.3

Growth: 5.0

Quality: 5.4

Yield: 9.4

Momentum: 5.5

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
GBL

A-Score: 6.2/10

Value: 6.1

Growth: 4.0

Quality: 3.4

Yield: 7.5

Momentum: 6.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Janus Henderson

A-Score: 5.8/10

Value: 4.9

Growth: 4.2

Quality: 8.6

Yield: 7.5

Momentum: 4.0

Volatility: 5.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

79.1$

Current Price

79.1$

Potential

-0.00%

Expected Cash-Flows