Amundi SA (FR:AMUN)
:AMUN
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Amundi SA
(AMUN)
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Rating:72Outperform
Price Target:
€94.00
▲(18.91% Upside)
Action:Upgraded
Date:04/07/26
The score is driven primarily by solid underlying financial performance (strong margins, improved leverage, and generally positive free cash flow) and attractive valuation (low P/E and high dividend yield). This is tempered by weaker-to-neutral technical momentum (negative MACD, below 50DMA) and a key fundamental risk from 2025 revenue decline and cash flow volatility.
Positive Factors
Recurring fee-based business model
Amundi's core revenue is recurring management and servicing fees across retail, institutional, ETFs and mandates. This diversified AUM-driven model provides durable, predictable fee income over months, reducing dependence on one client type and supporting steady cash generation and investment in distribution.
Negative Factors
Top-line volatility (2025 revenue decline)
A 20% revenue drop in 2025 highlights material top-line sensitivity to market levels and client flows. Such cyclicality undermines revenue predictability for fee-based firms, can force cost adjustments, and complicates multi-quarter planning for investments and payouts, raising structural earnings risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring fee-based business model
Amundi's core revenue is recurring management and servicing fees across retail, institutional, ETFs and mandates. This diversified AUM-driven model provides durable, predictable fee income over months, reducing dependence on one client type and supporting steady cash generation and investment in distribution.
Read all positive factors
Amundi SA (AMUN) vs. iShares MSCI France ETF (EWQ)
Market Cap
€17.33B
Dividend Yield6.07%
Average Volume (3M)143.29K
Price to Earnings (P/E)10.5
Beta (1Y)1.21
Revenue Growth9.60%
EPS Growth21.79%
CountryFR
Employees5,700
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)6.53
Shares Outstanding206,386,320
10 Day Avg. Volume133,463
30 Day Avg. Volume143,293
Financial Highlights & Ratios
PEG Ratio0.42
Price to Book (P/B)1.15
Price to Sales (P/S)2.06
P/FCF Ratio8.40
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€84.21Price Target Upside6.53% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)7.15
Revenue Forecast (FY)€3.48B
Amundi SA Business Overview & Revenue Model
Company Description
Amundi S.A. 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...
How the Company Makes Money
Amundi primarily makes money by charging fees for managing client assets (assets under management, AUM). Its main revenue stream is management fees earned on investment products and discretionary/mandated portfolios; these fees are typically calcu...
Amundi SA Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
72
Positive
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.04B | 6.66B | 6.00B | 5.98B | 5.92B |
| Gross Profit | 3.62B | 3.58B | 3.23B | 3.11B | 3.19B |
| EBITDA | 2.31B | 1.77B | 1.56B | 1.47B | 1.67B |
| Net Income | 1.59B | 1.31B | 1.16B | 1.07B | 1.37B |
Balance Sheet | |||||
| Total Assets | 38.74B | 38.30B | 36.01B | 28.62B | 28.72B |
| Cash, Cash Equivalents and Short-Term Investments | 4.14B | 2.79B | 675.73M | 528.76M | 1.30B |
| Total Debt | 2.02B | 2.36B | 2.16B | 12.26B | 12.13B |
| Total Liabilities | 26.04B | 26.25B | 24.59B | 17.54B | 17.99B |
| Stockholders Equity | 12.66B | 12.00B | 11.37B | 11.03B | 10.67B |
Cash Flow | |||||
| Free Cash Flow | 1.73B | 1.52B | 1.49B | -233.98M | 1.91B |
| Operating Cash Flow | 1.82B | 1.59B | 1.54B | -183.79M | 1.96B |
| Investing Cash Flow | -444.20M | -393.58M | -20.17M | -49.63M | -648.39M |
| Financing Cash Flow | -877.38M | -931.46M | -845.42M | -980.22M | -681.64M |
Amundi SA Technical Analysis
Neutral
79.05
Price Trends
79.45
Positive
77.84
Positive
72.23
Positive
Market Momentum
1.37
Positive
53.90
Neutral
10.80
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:AMUN, the sentiment is Neutral. The current price of 79.05 is below the 20-day moving average (MA) of 84.98, below the 50-day MA of 79.45, and above the 200-day MA of 72.23, indicating a neutral trend. The MACD of 1.37 indicates Positive momentum. The RSI at 53.90 is Neutral, neither overbought nor oversold. The STOCH value of 10.80 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:AMUN.
Amundi SA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | €17.33B | 10.49 | 14.33% | 6.07% | 9.60% | 21.79% | |
72 Outperform | €312.24M | 12.80 | 21.06% | 6.43% | 16.42% | -6.63% | |
70 Outperform | €1.70B | 15.26 | 23.08% | 6.77% | -8.13% | -19.01% | |
63 Neutral | €3.07B | 33.27 | 2.94% | 5.10% | 8.96% | -73.22% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | €3.62B | -30.73 | -2.85% | 7.66% | -6.15% | -153.04% | |
49 Neutral | €3.15B | -6.16 | -5.82% | 4.99% | 12.32% | 1.60% |
* General Sector Average
FR:AMUN
Amundi SA
84.25
15.05
21.75%
FR:ABCA
ABC Arbitrage
5.29
-0.72
-11.99%
FR:RF
Eurazeo
47.20
-11.95
-20.20%
FR:MF
Wendel SE
86.80
5.87
7.25%
FR:TKO
Tikehau Capital SCA
17.68
-0.99
-5.31%
FR:ANTIN
Antin Infrastructure Partners
9.48
-1.06
-10.02%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.