Gresham House

LN: GHE

Market Cap£282m

Last Close 736p

Gresham House is a specialist alternative asset manager focused on sustainable investments with strategies in public and private equity and real assets including forestry, renewable energy, battery storage, housing and sustainable infrastructure. At end-June 2022 AUM stood at £7.3bn.

More Gresham House content >

Investment summary

Gresham House continues to develop its alternative asset management activities with a long-term view, but in the near term its exposure to real assets, long-term fund structures and a sustainability focus mean it is well-positioned to weather current challenging equity market conditions. This is evident in strong H122 results, while the longer-term growth potential remains in place and the group is on track to match or exceed its five-year plan targets.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 41.9 12.1 12.1 32.92 22.4 15.0
2021A 70.4 20.5 20.2 49.31 14.9 13.3
2022E 76.6 26.4 25.9 52.15 14.1 16.2
2023E 84.7 31.4 31.0 58.56 12.6 9.9
Industry outlook

With c 85% of AUM in real assets and private equity, the group is well-positioned to weather current market conditions. The H122 trading update in July supported this, showing AUM growth of 11% to £7.3bn (+8% organic). Gresham House expects to achieve adjusted operating profit and margins at least in line with market expectations for H122 and FY22. We have maintained our estimates ahead of the H122 results in September.

Last updated on 28/09/2022
Content on Gresham House
Gresham House – Resilience confirmed as growth continues
Financials | research Update | 16 September 2022
business audits using a calculator financial data investment fund at a workplace, wealth concept
Gresham House – Good progress in H122
Financials | research Update | 14 July 2022
business audits using a calculator financial data investment fund at a workplace, wealth concept
Gresham House – ESG specialist manager delivering its strategy
Financials | research Initiation | 4 May 2022
business audits using a calculator financial data investment fund at a workplace, wealth concept
View more
Register to receive research on Gresham House as it is published
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (10.5) (8.0) (19.1)
Relative* (4.5) (2.8) (14.6)
52-week high/low 1005.0p/736.0p
*% relative to local index
Key management
Tony Dalwood CEO
Kevin Acton CFO
Andy Hampshire COO
Rupert Robinson MD of Investment Management Business
Samee Khan CLO