£252.3m market cap
240.5p 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
Numis’s year-end update confirmed that the low levels of corporate activity seen in the first half persisted through the rest of the year. Given the market background, matching first half revenues can be seen as a reasonable outcome for H219. FY19 revenue and profit are therefore set to be significantly lower y-o-y, but the franchise remains strong, with positive indicators including increases in corporate client numbers (from 210 to 217), private market revenues and market share within Equities.
Y/E Sep |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 130.1 | 36.0 | 38.3 | 25.9 | 9.3 | 6.5 |
| 2018A | 136.0 | 30.9 | 31.6 | 23.0 | 10.5 | 6.1 |
| 2019E | 111.6 | 15.0 | 13.8 | 9.6 | 25.1 | N/A |
| 2020E | N/A | N/A | N/A | N/A | N/A | N/A |
Industry outlook
The nature of an eventual resolution of the Brexit issue is set to be a key determinant of a recovery in earnings for Numis and its peers. It does seem plausible that there is a significant level of deferred corporate activity that will eventually be released once confidence returns and Numis remains well-placed to benefit from this. FY19 results are due to be announced 4 December.
Last updated on 19/11/2019
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
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1m |
3m |
12m |
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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 |
Content on Numis Corporation
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