£315.2m market cap
300p last close
Numis Corporation 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. It employs c 280 staff in offices in London and New York.
Investment summary
In its update for the three months to end June (Q320) Numis reported that revenues were materially ahead of both Q120 and Q220. Within Investment Banking the driver has been an increased number of capital markets transactions as companies strengthen balance sheets with more than 100 transactions completed in the period. On the Equities side of the business trading volumes subsided from the peak seen with the onset of COVID-19 but this was more than offset by a continuation of the strong trading gains from the first half.
Y/E Sep |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 136.0 | 30.9 | 31.6 | 23.0 | 13.0 | N/A |
| 2019A | 111.6 | 15.3 | 12.4 | 8.1 | 37.0 | N/A |
| 2020E | 135.0 | 29.4 | 24.6 | 17.5 | 17.1 | N/A |
| 2021E | N/A | N/A | N/A | N/A | N/A | N/A |
Industry outlook
Numis has adapted well to the rapid change in operating requirements, substantial market volatility and changes in the nature of its transaction pipeline, which remains strong. Subject to the market background in the final quarter, Numis looks for second half revenues and profits to be ahead of the first half. Following the update we put in place an FY20 estimate assuming revenues of £135m, noting the outcome could be higher if the pace of transactions is maintained. The outlook beyond this is less clear but the strength of the franchise and balance sheet is encouraging for the longer term.
Last updated on 29/09/2020
Sector |
|---|
| Financials & real estate |
Share price graph
Balance sheet |
|
|---|---|
| Forecast net debt (£m) | N/A |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
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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 |
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