£272.7m market cap
255p 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
Unsurprisingly, Numis’s AGM update highlights the difficult macro and equity market background in the first four months of the company’s financial year. Corporate transactions, equity issuance and investor activity are all subdued. The trading book has also suffered in these conditions. A positive indicator of the continuing strength of the franchise is that research and sales income are on track to be maintained. Our estimates are unchanged, although we note this would require a stronger second half than we originally assumed.
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 | 9.8 | N/A |
| 2018A | 136.0 | 30.9 | 31.6 | 23.0 | 11.1 | N/A |
| 2019E | 124.9 | 26.0 | 25.4 | 18.0 | 14.2 | N/A |
| 2020E | N/A | N/A | N/A | N/A | N/A | N/A |
| Last updated on 21/02/2019 | ||||||
Industry outlook
Recent market trends suggest profits could be lower again this year and we reduced our estimate accordingly with a 30% reduction in EPS. Looking beyond this, the investment in strengthening the franchise should mean that Numis is well placed to achieve further significant growth through market cycles with a larger and higher quality corporate franchise and more diverse revenue streams.
Last updated on 21/02/2019
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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Key management |
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| Andrew Holloway | Finance director |
Content on Numis Corporation
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