Ideas

We have highlighted major takeaways from UMG’s recent trading update, including FY22e EBITDA guidance, FY23e EBITDA guidance, balance sheet and earnings drivers.

We expected Q2 to be tough for JHG, but the figures were worse than we expected. Our price target is 18.3% above the current share price and we retain a BUY recommendation.

MIN guided sales of ~225kt of lithium spodumene concentrates for FY22.

We resume coverage of RMC with a Buy rating following a change of analyst.

We have transferred analyst coverage of MAD, with our investment thesis unchanged.