PANMURE LIBERUM: UK Asset & Wealth Management: Farewell to Summer

Impax AM: AUM +0.7% in Q4, -0.6% in FY24, dividend yield 7.4%

AUM closed FY24 (1 Oct 23 - 30 Sep 24) on £37.2bn, 0.6% down y-o-y. Net outflows over FY24 totalled £5.8bn, largely offset by a positive investment performance of +£5.3bn and a contribution of +£0.3bn from the acquisition of Absalon Capital Management in Q4. As flagged, outflows were heavily impacted during the year by Impax’s largest distribution partner, BNP Paribas, and some other clients in European private wealth, reducing their clients’ weighting to equities in favour of money market fund

Strong FY24 prompts improved outlook for returns

The yoy growth rates are impressive across the board, underpinned by +12% lfl rental growth. The asset performance in the portfolio remains strong, providing clear evidence that demand for the product is undimmed. This has continued into Q1. In light of this performance, the board has indicated that it will review the FY25e dividend target. We increase our estimates (+8-10% EPS, +4% NAV) bolstered by the performance but retaining conservatism. We increase our target price to 145p (FY25e NAV, fro

Feedback from Digital Transformation Conference

On 1st October, Dowgate Capital and FTI Consulting held their fourth annual Digital Transformation Conference.

H&T Group+ (HAT, House Stock at 368p) - Maxcroft site visit

Allenby Capital TMT Update - 07.10.24 - SPSY.L, CHSS.L, ELEG.L, SEEN.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

NB Private Equity Partners (NBPE): NB: adding value in attractive co-investment sector

In our initiation, we highlighted that NBPE is uniquely focused in the co-investment sector of PE. Our report underlined why this sector has especially appealing return, cashflow, asset selection, risk management, and GP access characteristics. In this note, we review how the manager, NB, adds value in this attractive market. Inter alia, NB has i) the resources to understand the investee company dynamics, ii) excellent GP relationships and iii) experience/skills that add value to the GPs. Its su

New strategy already LIFTing off with neat bolt-on

Brooks Macdonald (“BM”) has announced the acquisition of LIFT Financial (“LIFT”) for up to £45m (incl. £30m cash on completion). LIFT’s HNWI wealth management franchise adds £1.6bn AuA (of which, £600m FuM) across 1,400 clients from its Manchester HQ. There are some modest cost synergies and medium term revenue synergies. Putting revenue synergies to one side for the moment, we forecast 6% EPS accretion in FY26e (first full year) and +9% in FY27e. We reiterate our 2500p 12m Target Price (16x FY2

Morning Note – 30 September 2024

PANMURE LIBERUM: Harworth: Acquisition of a Grade A urban logistics scheme

PANMURE LIBERUM: DF Capital: Strong momentum and solid fundamentals

Foxtons Group - Valuation offers 100% upside

Foxtons Group’s H1 results clearly highlight the success of the strategy the company embarked on at the start of last year. Although there is still work to be done, significant progress has been made and it now appears likely that the medium-term target of reaching operating profit in the range of £25–30m can be achieved. Although we have maintained our existing forecasts and valuation, we believe the risks appear to be to the upside, considering that the underlying macroeconomic data appear to

Around the World in Eight Ideas - Investment Trust Opportunities Beyond the UK

Although the UK now represents a paltry 3.5-4.0% of global equity indices, home bias in the domestic stock market is estimated at c 25% across institutional and retail investors. This persists across asset classes: in the Investment Association universe of open-ended funds, 28.1% of total AUM at the end of September 2023 was invested in UK sectors. This leaves a significant amount of investors' assets exposed to overseas markets that may be unfamiliar and harder to access. In such a situation, t

Growth and income

Hardman & Co Monthly: October 2024

Feature article: Labour’s first Budget - Investors in their sights? Summary ► Budgets are always important for investors. ► The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base. That implies a lot of the pain will be felt by investors. ► This paper considers the impact of increases in rates for th