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.
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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 28/09/2022Content on Gresham House
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Financials
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Key management |
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| Tony Dalwood | CEO |
| Kevin Acton | CFO |
| Andy Hampshire | COO |
| Rupert Robinson | MD of Investment Management Business |
| Samee Khan | CLO |