Numis Corporation

LN: NUM

Market Cap£292m

Last Close 260p

Numis is one of the UK’s leading independent investment banking groups, offering a full range of research, execution, equity capital markets, corporate broking and advisory services. At end-March 2022, it employed 325 staff in offices in London, Dublin and New York and had 183 corporate clients.

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Investment summary

In early July Numis reported that its Q322 revenue was over £40m compared with the £37m run rate reported in H122. There was a strong improvement from Q222 with mergers and acquisitions (M&A) driving the performance of the investment banking activity. On the equity side of the business, revenue was marginally below the run rate of the first half, reflecting more cautious investor sentiment and lower market and activity levels, particularly in UK small and mid-caps. However, trading performance improved mitigating the impact of this weakness.

Y/E Sep
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 154.9 39.6 37.1 26.7 9.7 N/A
2021A 215.6 72.3 74.2 49.1 5.3 N/A
2022E 145.8 31.5 25.1 23.5 11.1 N/A
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

Looking ahead, the pipeline of announced and possible M&A deals remains strong. The expected opening of a Dublin office in Q422 will facilitate providing services to non-UK issuers, European institutional investors and private companies seeking growth capital. While conditions are less favourable for equity capital markets and equities, the group expects to meet market expectations for the full year and, allowing for a seasonally quiet summer period, our forecast is unchanged.

Last updated on 08/08/2022
Content on Numis Corporation
Numis Corporation – Building a more diversified investment bank
Financials | research Outlook | 10 May 2022
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Numis Corporation – Diversification mitigates lower activity
Financials | research Update | 4 April 2022
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Share price graph
Balance sheet
Forecast net cash (£m) 109.6
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (2.3) 8.3 (29.7)
Relative* (6.3) 7.0 (30.5)
52-week high/low 383.0p/230.0p
*% relative to local index
Key management
Alexander Ham Co-Chief Executive Officer and Director
Andrew Holloway Finance director
Oliver Helmsley CEO & Founder
Ross Mitchinson Co-Chief Executive Officer and Director