Curtis Banks (“CB”) has performed robustly throughout 2020 in less than ideal conditions. The FY update reiterates performance in line with our estimates. Growth in schemes continued, albeit lower than planned at the outset. We make no changes to our forecasts. Proactive measures have been taken to improve earnings quality: increasing fixed fees, thus a diluted interest contribution. CB’s earnings are insulated from equity markets, in contrast to sector peers, and we believe that the current 12x ....
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In line FY update, standing firm in COVID headwinds
- Published:
12 Jan 2021 -
Author:
Andrew Watson -
Pages:
3
Curtis Banks (“CB”) has performed robustly throughout 2020 in less than ideal conditions. The FY update reiterates performance in line with our estimates. Growth in schemes continued, albeit lower than planned at the outset. We make no changes to our forecasts. Proactive measures have been taken to improve earnings quality: increasing fixed fees, thus a diluted interest contribution. CB’s earnings are insulated from equity markets, in contrast to sector peers, and we believe that the current 12x ....