£275m market cap
258.5p 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 the end of September 2018 it had 210 corporate clients.
Investment summary
In its H119 trading update Numis unsurprisingly reported that the weak equity market in the last quarter of 2018 and the continuing political impasse over Brexit cast a pall over first-half capital market activity. This resulted in a 26% reduction in group revenues vs a strong H118. Positively, against a much reduced level of transactions in the market, Numis gained market share and benefited from higher average deal fees. It also saw a pick-up in transactions in March.
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 | 10.0 | 7.0 |
| 2018A | 136.0 | 30.9 | 31.6 | 23.0 | 11.2 | 6.5 |
| 2019E | 119.7 | 22.9 | 22.3 | 15.8 | 16.4 | 12.0 |
| 2020E | N/A | N/A | N/A | N/A | N/A | N/A |
| Last updated on 25/04/2019 | ||||||
Industry outlook
Looking at our FY19 estimate, H119 corporate broking and advisory revenues matched the H218 level, slightly ahead of our estimate, so we have maintained out divisional estimate but trimmed our equities forecast. At a group level our revenue estimate was reduced by 4% feeding through to a 12% EPS reduction. The pipeline of opportunities remains strong and investment during FY18 to support the franchise is positive for longer-term growth and diversity of income. H119 results are due 3 May.
Last updated on 25/04/2019
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
% |
1m |
3m |
12m |
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| *% relative to local index | |||||||||||||||
Key management |
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|---|---|
| Andrew Holloway | Finance director |
Content on Numis Corporation
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