£312.1m market cap
293p last close
Numis is one of the UK’s leading independent corporate advisory and stockbroking groups, offering a full range of research, execution, equity capital markets, corporate broking and advisory services. At 30 September 2019 it had 217 corporate clients.
Investment summary
Reflecting market conditions and as signalled in its year-end update, Numis’s FY19 results (announced in December) showed revenues down 18% on the prior year. Costs were controlled with total costs down 8% but even so PBT was down 61% at £12.4m partly due to valuation write-downs on the investment portfolio (£2.2m). The dividend was held at 12p and the balance sheet remains strong with no debt and cash of £84m. Importantly, Numis has continued to build its franchise as evidenced by a continue increase in its corporate client count (+7 to 217). The company noted that it has made market share gains in equities and that research payments have been resilient against a tough background.
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 | 12.7 | N/A |
| 2019A | 111.6 | 15.3 | 12.4 | 8.1 | 36.2 | N/A |
| 2020E | 125.5 | 21.7 | 21.1 | 15.1 | 19.4 | N/A |
| 2021E | N/A | N/A | N/A | N/A | N/A | N/A |
Industry outlook
The nature of the UK’s trade deal with Europe and other macro uncertainties remain in play but post election there is more clarity on the domestic political background. Numis is well-placed to benefit from this and a potential revival in investor and corporate confidence.
Last updated on 12/02/2020
Sector |
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| Financials & real estate |
Share price graph
Balance sheet |
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|---|---|
| Forecast net debt (£m) | N/A |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| *% relative to local index | |||||||||||||||
Key management |
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|---|---|
| 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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