HGG – Citi rates the stock as Buy

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A capital return may be on the agenda sooner rather than later, the broker suspects. Henderson is expected to have a surplus of over GBP100m by June 30 2015.

An on-market buy-back is seen as the most likely form of return. The dual listing may present some challenges but these are not insurmountable, in Citi’s view.

The broker lifts estimates to account for the Perennial acquisitions. Target of $6.15 and Buy retained.

Sector: Diversified Financials.

Target price is $6.15.Current Price is $5.69. Difference: $0.46 – (brackets indicate current price is over target). If HGG meets the Citi target it will return approximately 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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