The scaling of Duke's royalty portfolio was progressing as expected up to March 2020, with record cash receipts that month. Due to Covid-19 and the UK's economic shutdown, macro conditions have worsened and become highly uncertain. This is likely to see some royalty partners' future cash royalties decline, which in turn, will negatively impact FV's in the FY20E results. Duke's high margin and cash generative nature ensures it is well placed to trade through these challenges. Given the degree of ....
02 Apr 2020
Cenkos: Duke Royalty Ltd -- Assessing the impact across the portfolio
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Cenkos: Duke Royalty Ltd -- Assessing the impact across the portfolio
Duke Capital Limited (DUKE:LON) | 31.2 0.1 0.8% | Mkt Cap: 129.8m
- Published:
02 Apr 2020 -
Author:
Cavendish Research -
Pages:
8
The scaling of Duke's royalty portfolio was progressing as expected up to March 2020, with record cash receipts that month. Due to Covid-19 and the UK's economic shutdown, macro conditions have worsened and become highly uncertain. This is likely to see some royalty partners' future cash royalties decline, which in turn, will negatively impact FV's in the FY20E results. Duke's high margin and cash generative nature ensures it is well placed to trade through these challenges. Given the degree of ....