publity’s H117 earnings momentum reflects both the ability to leverage its asset management expertise (AUM increased to €3.8bn from €3.2bn at end-2016) and its good cost discipline (OPEX down 11.2% y-o-y). New institutional mandates received ytd, coupled with a solid project acquisition pipeline should assist the company in achieving the AUM targets set for FY17e and FY18e at €5.2bn and €7.0bn, respectively. The stock currently trades at a FY17e P/E ratio of 6.1x, implying a 62% discount to the peer group. The stock offers an attractive dividend yield of 8% based on current year’s DPS consensus estimates.

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