Schroders PLC

SDR: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 271.00	Dpzrjz	Gjgthhhl

Initiating Coverage of Schroders With a GBP 35.50 per Share Fair Value Estimate

Johann Scholtz

Sep 3, 2020

We initiate coverage of Schroders with a fair value estimate of GBP 35.50 per share, which is 23 times the earnings we estimate Schroders will generate in 2020. We expect an 11% earnings decline during 2020 followed by a 12% rebound in 2021, our medium-term expectation is for a 3% earnings CAGR over the next five years.

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