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    PRO REAL ESTATE INVESTMENT T

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    PRO REAL ESTATE INVESTMENT T

  • 12 Jul 19

LIBERUM: Burford Capital* - ROIC lessons

Burford is off 22% relative since the recent peak. Much has been written about returns, in some cases valuing the business excluding the big wins, but including all losses, which makes no sense, or putting the core business on 10x and its opex on 15x (same), or entirely ignoring the extra returns from the sovereign wealth fund deal (same).

Companies: Burford Capital
  • 09 Jul 19

Petersen appeals to investors

Burford has made a double announcement about the Petersen case. Argentina had appealed to the US Supreme Court over the decision about where the case will be heard. The Court has declined to hear the appeal, so proceedings will take place in the US. Burford has also sold another 10% of its entitlement in the case for $100m; implying a market price of $1bn, ca.25% above the value implied by the smaller July 2018 transaction. Additional disclosure is that the sale took place to 11 institutional investors, with 40 having participated in the market now. This adds credibility to the valuation generated by the transactions to date.

Companies: Burford Capital
  • 10 Jul 19

Cenkos: Equals Group Plc - Signs are there for an excellent year

Equals Group (formerly FairFX) has released a H1/19E trading update highlighting recent operational achievements and strong, broad-based turnover growth. We see this as clear evidence that prior investments in customer experience and extending the product range have produced returns, which are set to continue. We expect further share price appreciation to follow given today's encouraging signs on FY19E trading, with our forecast 52% EPS growth coming at an attractive PEG of just 0.37.

Companies: FairFX Group
  • 10 Jul 19

LIBERUM: Alpha FX* - H1'19 trading ahead / FY19e EPS estimate +9%

Alpha FX has grown H1'19 revenues by 60% year-on-year despite the subdued macro backdrop for UK plc. This highlights their market share gains in the core UK and increasingly European corporate FX markets and the initial contributions from the Institutional business, Alpha Pay and the first overseas office initiative.

Companies: Alpha Fx Group
  • 12 Jul 19

LIBERUM: Miton Group* - Net outflows experienced but market movement strong

Miton’s Q2 AuM update shows £4.7bn under management, 2.7% up from the last disclosed number at the end of March. Over the quarter, Miton has experienced net outflows of £87m, while performance recovered strongly, adding £211m to AUM.

Companies: Miton Group
  • 16 Jul 19

Small Cap Feast

Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Uniphar, a diversified healthcare services business with a workforce of over 2,000, is looking to join AIM. Raising EUR135m with market cap on admission of EUR309.6m, expected 17 July 2019. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.

Companies: CALL BIRD ABC KDR EMAN BST SCE ZEG SAG FUL

  • 12 Jul 19

In line AuM, positive performance mitigates flows

AuM grew in Q2 with solid investment performance mitigating a modest net outflow (£87m). Year to date, we have seen continuing political uncertainty which has impacted net sales across the UK Smaller Companies sector, Miton has not been immune. We expect flows to return with sentiment, and make no material changes to our earnings forecasts. We continue to see a 60p/share intrinsic value, after taking into account a significant quantum of “free cash” on the balance sheet.

Companies: Miton Group
  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 12 Jul 19

Forecast updates & customer analysis

Last week’s pre-close statement provided several updates, with the two main items being that H2 trading was in line with the Board’s expectations and there will be a five-month extension to the large contract that was lost in March.

Companies: Redde
  • 15 Jul 19

LIBERUM: AEW UK REIT* - Industrial gains

AEW UK REIT delivered strong NAV returns in FY2019 despite retail headwinds in Q1. Operational progress was demonstrated by reduced vacancy and full cover of the 8.4% dividend.

Companies: AEW UK Reit
  • 12 Jul 19

Positive AGM statement; strong interest at Hudson Quarter

Palace Capital has released a positive statement in advance of its AGM later today, reporting a strong start to its upcoming Hudson Quarter development in York. With the project on track to complete in early 2021, we see significant scope for value-accretive growth in coming years which we now reflect through the introduction of FY22e forecasts showing material YoY adj. EPS growth of 21.2%, a dividend cover of 1.09x, EPRA NAV of 448p and LTV of 33%. At a 31% discount to FY19 NAV and 6.7% yield, we reiterate our Buy.

Companies: Palace Capital
  • 11 Jul 19

Net inflows surge, record quarter drives AuM +11%

Inflows have surged in Q1 hitting a new quarterly record at +£725m, confirming AuM at £14.1bn (+11.4% qoq). Outperformance complemented this: adding a further £717m equating to+5.7% (as %opening AuM) vs the +2.7% posted by the FTSE All-Share. We do not make any changes to our earnings forecasts, having already upgraded by 6-7% at the Finals for £14.0bn AuM as at 25/6. Trading at a 13x FY20e PER falling to 12x, we find the valuation undemanding given the strong AuM growth momentum.

Companies: Liontrust Asset Management
  • 16 Jul 19

Pre-close nudges forecasts up

CLIG unaudited pre-close statement confirms its Funds under Management (FuM) on 30 June 2019 was US$5,389m (see our note of 8 July 2019, which increased our forecast 3.6%).

Companies: City Of London Investment Group
  • 15 Jul 19

Palace Capital - A wealth of asset management opportunities

Palace Capital recently reported FY19 results and announced plans to convert to REIT status, approved by shareholders at the AGM. The results showed further growth in recurring earnings and positive like-for-like valuation growth but they also reflected the deferral of some letting activity to pursue refurbishment and redevelopment opportunities. Our revised forecasts now include the impact of the Hudson Quarter development in York, which we expect to be a key driver of returns over the next two years.

Companies: Palace Capital
  • 17 Jul 19

Small Cap Feast

Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.

Companies: AOR MIRA CYAN ITX HOTC BRK RBD WINK MXCT AAOG