Numis Corporation

LSE: NUM

Market Cap£189m

Last Close 170.6p

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 its September year-end update, Numis reported FY22 revenues were expected to be approximately £144m, down c 33% versus FY21. Unsurprisingly the main source of weakness has been the capital markets activity, where macroeconomic and geopolitical concerns have had a chilling impact on activity. Positively, this was partly offset by M&A advisory, which achieved a further record result and Investment Banking revenues in total are expected to be down 39%. Within Equities the level of institutional activity has been affected, with clients experiencing fund outflows and revenue in this segment is expected to be down c 17%.

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 6.4 N/A
2021A 215.6 72.3 74.2 49.1 3.5 N/A
2022E 144.1 30.9 22.1 21.0 8.1 N/A
2023E 152.0 30.9 23.7 17.5 9.7 N/A
Industry outlook

The near-term outlook is generally subdued given market volatility and the uncertain outlook. The M&A advisory area remains more active and was advising on nine announced public bids with an average transaction value of £1.5bn. On a longer view the group’s existing franchise, continued focus on developing its client base and expanding internationally and into complementary areas should underpin its performance through market cycles.

Last updated on 30/11/2022
Content on Numis Corporation
Numis Corporation – A subdued H222 though M&A outlook positive
Financials | research Update | 3 October 2022
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Numis Corporation – Building a more diversified investment bank
Financials | research Outlook | 10 May 2022
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Share price graph
Balance sheet
Forecast net cash (£m) 108.4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (5.9) (30.4) (47.8)
Relative* (11.8) (32.6) (49.3)
52-week high/low 343.0p/170.4p
*% relative to local index
Key management
Alexander Ham Co-Chief Executive Officer and Director
Andrew Holloway Chief Financial Officer and Company Secretary
Ross Mitchinson Co-Chief Executive Officer and Director