Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on LIONTRUST ASSET MANAGEMENT. We currently have 26 research reports from 2 professional analysts.
|15Nov16 07:00||RNS||Half-year Report|
|07Nov16 09:31||RNS||Form 8.3 - [offeree/offeror]-Sepura PLC|
|31Oct16 12:07||RNS||Second Price Monitoring Extn|
|31Oct16 12:02||RNS||Price Monitoring Extension|
|25Oct16 04:40||RNS||Second Price Monitoring Extn|
|25Oct16 04:35||RNS||Price Monitoring Extension|
|21Oct16 11:00||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
LIONTRUST ASSET MANAGEMENT
LIONTRUST ASSET MANAGEMENT
N+1 Singer - Liontrust Asset Management - Solid H1 earnings growth on higher AuM
15 Nov 16
Liontrust’s interims provided no surprises on earnings, although we do note a higher than expected 4.0p interim dividend (vs N+1Se 3.5p). 15% PBT growth yoy has been driven by 30% AuM growth yoy, and +19% in H1. The outlook is positive but we adopt a prudent stance and assume only 5% AuM growth in H2 given the very strong investment performance delivered in H1 and political backdrop. We leave forecasts unchanged. The shares are attractive at 9.5x cal’17 vs peers at 12-15x. We reiterate our 374p 12m TP (11x cal’17 PER) and our BUY recommendation.
N+1 Singer - Morning Song 15-11-2016
15 Nov 16
We have revised our expectations for Vernalis’ cough cold franchise, including reduced price expectations and higher expected sales & marketing expenditure (including sampling costs). Following the disappointing first-season performance of Tuzistra™ XR, we maintain a cautious stance ahead of the upcoming flu season. Our recommendation remains Hold with a revised target price of 37p (from 46p).
N+1 Singer - Liontrust Asset Management - Performance drives strong Q2 AuM growth
06 Oct 16
Strong investment performance has been the primary contributor to a 17% increase in AuM to £5.7bn during Q2. Net flows have been impacted by post-referendum uncertainty but remain positive. AuM has grown another £140m (to £5.8bn) this week. We incorporate the strong Q2 performance into our forecasts: FY16e EPS +7% and outer years by +9-10%. Rolling forward to cal’17 earnings, we apply an 11x PE multiple revising our target price to 374p (from 310p). We reiterate our BUY recommendation.
N+1 Singer - Morning Song 04-07-2016
04 Jul 16
After outperforming the wider market by around 5% in Q1, our Best Ideas took a beating in Q2. Sepura was an example of a poor individual stock call, but the short term EU referendum effect has taken a very big toll on our portfolio. We look for a much better H2 as the initial Brexit turmoil subsides. In this note we update our thoughts on our original 15 Best Ideas in January, removing one stock and adding three. We keep faith with the majority of our Best Ideas as we feel that most of our underlying themes remain intact (see below). This is as per our Strategy note a week ago entitled “Brexit – a few thoughts in mid and small cap”. Additions to our portfolio at the halfway stage are: accesso Technology, Augean and Victrex. We also take the opportunity in this note to update a few of our Quant themes and styles.
N+1 Singer - Liontrust Asset Management - Q1 net inflow, moderating forecasts
04 Jul 16
Liontrust generated modest net inflows across the fund range during Q1 despite uncertainty in the run up to the EU referendum. We expect that the "leave" outcome of the referendum will weigh on flows and we reduce our FY17e PBT forecast by 6%. We have limited visibility on the long-term consequences of current political events. Retaining our previous approach, we value Liontrust using a 10x cal’17 PER multiple arriving at a reduced 310p 12m Target Price (from 335p). We retain our BUY recommendation and flag the 5% prospective dividend yield.
Panmure Morning Note 16-06-2016
16 Jun 16
Liontrust have reported a solid set of results, pro forma AUM is up to more than £5bn and the revenue yield remains high at 1% (peers 0.77%) driven by a huge increase in performance fees. Concentration risk remains the key factor holding back the valuation, and we do not see this changing quickly. Given these concerns we believe the market is valuing these shares fairly and so downgrade to hold.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.