Duke has announced the acquisition of Capital Step, the only known rival provider of royalty finance and debt products to SMEs in UK&I. The acquisition materially accelerates development of Duke's royalty portfolio, adding 6 core new investments (to a total of 11) in several new sectors. This adds significant diversification, de-risking the portfolio to individual names/sectors. The deal is expected to be immediately earnings enhancing, reflected in our upgrades to FY19E & FY20E EPS forecasts of ....
