Research, Charts & Company Announcements
Research Tree offers RECORD PLC research coverage from 1 professional analysts, and we have 5 reports on our platform.
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|21/10/2016 07:00:07||London Stock Exchange||Trading Statement|
|28/09/2016 14:44:57||London Stock Exchange||Director/PDMR Shareholding|
|22/09/2016 15:33:54||London Stock Exchange||Directorate Change|
|20/09/2016 13:59:01||London Stock Exchange||Holding(s) in Company|
|19/09/2016 14:33:25||London Stock Exchange||Director/PDMR Shareholding|
|01/09/2016 11:00:08||London Stock Exchange||Director/PDMR Shareholding|
|28/07/2016 16:40:07||London Stock Exchange||Director/PDMR Shareholding|
Frequency of research reports
Research reports on RECORD PLC
Providers covering RECORD PLC
Positive Q2 trading update
25 Oct 16
Record’s Q217 trading update was encouraging as it showed an increase in assets under management equivalents (AUME), a maintained client count and an indication that investors are taking an interest in a range of the company’s products following a period of heightened currency volatility. In this context, the prospective rating with an FY17e P/E of just over 10x and the yield of 6.2% (ex any special payment) seems very conservative.
25 Jul 16
Record, as an experienced, independent, well-capitalised provider, is in a good position to benefit should market volatility prompt a rise in demand for currency hedging and management services. Hedging now accounts for 85% of Record’s fees, moderating the risks of volatility in its own income, while shareholders stand to benefit from a prospective total yield that could exceed 8% (6.5% from the indicated ordinary dividend).
Possible beneficiary of US dollar strength
24 Nov 15
Record’s assets under management equivalent (AUME) fell as expected to $53.3bn at 30 September 2015 from $55.4bn at 31 March 2015, predominantly as a result of a previously announced reduction in size of a bespoke currency for return mandate. Record’s core passive hedging mandates continued to experienced good inflows. Underlying profits in H116 increased by 9% y-o-y, partly boosted by revenues from the bespoke mandate. Record continues to experience a high level of client interest in its hedging strategies, and the likely imminent rise in US interest rates could transform this interest to new mandates.
Reduction in size of a bespoke mandate
26 Aug 15
Record has announced that a client has reduced the size of a tactical bespoke currency for return mandate that it was managing by $2.8bn with immediate effect. Consequently, we have lowered our FY16 and FY17 PBT forecasts by £1.3m and £2.0m (17% and 25%) respectively. Record had previously warned that the size of this particular mandate could prove volatile. The company reports a continued high level of client engagement on its passive and dynamic hedging strategies, although it cautions that there are long lead times to transform interest into new mandates.
Attractive growth and dividend increased
02 Jul 15
Record had previously reported FY15 growth in assets under management equivalent (AUME) and client numbers. Full year results show that revenues and profits also grew slightly faster than we had forecast, and the 10% dividend increase was a positive surprise. Backed by a solid base of passive hedging mandates, Record appears well placed to grow its higher-margin dynamic hedging and currency for return products. Increasingly divergent global monetary policies have raised awareness of both FX risks and opportunities among existing and potential clients with continuing high levels of engagement. Although we have not included new inflows in our forecasts, Record is attractively rated compared with other asset managers, offers an attractive yield and is financially strong, with cash and marketable securities around 35% of its market capitalisation.
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Highly concentrated portfolio, strong performance
26 Oct 16
Finsbury Growth & Income Trust (FGT) aims to generate long-term growth in capital and income from a concentrated portfolio of primarily UK equities, which are held for the long term. FGT is benchmarked against the FTSE All-Share index, but is not constrained by its composition; c 70% of the portfolio is invested in consumer stocks. The trust has a progressive dividend policy and annual dividends have compounded by 6.9% pa since FY11; the current dividend yield is 2.0%. FGT has outperformed its peers and the benchmark over one, three, five and 10 years. Strong investor demand along with capital appreciation means the size of the trust has grown significantly; assets under management now approach £1bn.
UK Housebuilding Sector: Q3 2016 - “I am Steve McQueen”
11 Oct 16
Steve was street savvy, but he was not the smartest knife in the drawer, which makes his Delphic comment to Robert Vaughn all the more surprising. What Steve was saying is that “it’s not over yet”; that there is still a lot more to come (sadly for McQueen, who died in 1980 aged 50, it was a future that was not his). The same is true of Brexit and the collateral undulations that it has riven in the UK Housebuilding Sector. Immediately post-the-Brexit-vote, the UK Housebuilding Sector tanked 36% in value in two trading days (24 and 27 June with a weekend in between); and at one stage was off almost 40%.
Acquisition of London & Colonial
21 Oct 16
The acquisition of LCH for up to £5.4m adds a SIPP offer to STM’s portfolio as well as strengthening the group's Life and QROPS books. Employing cash, debt and an element of deferred purchase terms makes the deal usefully earnings-enhancing, adding £0.5m to 2017 estimates. Forecast EPS of 5.9p for 2017 places the shares on a PE multiple of 8.0x, while retaining net cash on the balance sheet leaves the group well positioned to maintain its commitment to a progressive dividend policy.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
N+1 Singer - Morning Song 24-10-2016
24 Oct 16
Sigma has announced that a major £39m regeneration scheme near Liverpool Lime Street has been launched with funding from a new partner, Curlew. The scheme will include retail/leisure space, a 101 bedroom hotel pre-let to Premier Inn and a 412 student accommodation building. Construction will begin by the end of 2016. Sigma continues to pursue regeneration opportunities which reinforce delivery capabilities and are complementary to core PRS activities. We make no changes to our forecasts as a result of this launch. We continue to follow Sigma’s delivery of both managed and self-funded PRS housing, leveraging the new HCA facility secured in September.