1、M IdeaPrudential plc|EuropeMore Room to Return Capital Capital Management Update+1H25 Results PreviewPrudential is due to announce an update to its capital management plans alongside the 1H25 results on 26th August 2025.Overall,we expect the company to commit a minimum annual buyback of$500m over th

2、e next three years,with further potential upside from$1.3-1.6bn in excess stock of capital.Morgan Stanley&Co.International plc+Hadley CohenEquity Analyst Hadley.C +44 20 7425-3289 Prudential plc(PRU.L,PRU LN)Insurance|United KingdomStock RatingOverweightIndustry ViewIn-LinePrice target1,060pShr pric

3、e,close(Jul 22,2025)918p52-Week Range942-595pMkt cap,curr(mn)24,445Fiscal Year Ending12/24 12/25e 12/26e 12/27eEPS,basic()*84.2103.1120.2137.8EPS()*84.0102.8119.8137.4Prior EPS(US$)*-1.041.211.37P/E*9.512.010.39.0DPS()23.129.435.943.8Div yld(%)2.92.42.93.6Unless otherwise noted,all metrics are based

4、 on Morgan Stanley ModelWare framework*=Based on consensus methodologye=Morgan Stanley Research estimatesMorgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affec

5、t the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at the end of this report.+=Analysts employed b

6、y non-U.S.affiliates are not registered with FINRA,may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.Key TakeawaysWe see clear room for expansi