The recent selling pressure on publity’s shares (price down 48% ytd) was accompanied by negative newsflow in January, including a profit warning and missed AUM guidance for FY17. The negative sentiment might have also resulted from the ongoing discussions with bondholders around the modification of convertibles’ terms and conditions. Management now guides to FY18 net profit in the range of €15-20m (implying c 34-80% y-o-y growth) based on a cautious assumption of no AUM growth this year (vs previous guidance of €7.0bn).

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