£66.7m market cap

33.5p last close

Record is a specialist independent currency manager that provides a number of products and services, including passive and dynamic hedging, and a range of currency for return strategies, including funds and customised segregated accounts.

Investment summary

After three quarters with outflows in assets under management equivalent (AUME), specialist currency manager Record reported a modest inflow of $0.3bn in its Q120 update in July. The main source of inflow was the partial reversal of an earlier reduction when Record took a profit on behalf of a client with a discretionary dynamic hedging mandate. The number of clients did increase from 65 to 68 implying that these were relatively small mandates but there may be scope for these to grow over time. Overall AUME of $58.3bn increased by 1.7% or 4.0% in dollar and sterling terms respectively in the quarter. Market-related movements were neutral while FX and volatility targeting related moves added $0.7bn. No performance fees were crystallised in the quarter.

Y/E Mar
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 23.8 7.4 7.3 2.98 11.2 25.2
2019A 25.0 8.2 8.0 3.25 10.3 9.4
2020E 22.2 6.0 5.8 2.38 14.1 12.6
2021E 23.0 6.2 6.0 2.46 13.6 13.3
Last updated on 16/09/2019
Industry outlook

Prospectively, Record continues to focus on client service and product innovation to counter pressure on fee rates and this, together with the potential for further performance fee earnings (not included in our estimates), could provide the basis for positive earnings surprises.

Last updated on 16/09/2019
Share price graph
Balance sheet
Forecast net cash (£m) 12.1
Forecast gearing ratio (%) N/A
Price performance
Actual 7.2 (3.5) (19.3)
Relative* 3.6 (3.9) (19.1)
52-week high/low 41.5p/27.3p
*% relative to local index
Key management
Neil Record Chairman
James Wood-Collins CEO
Steve Cullen CFO
Bob Noyen Chief Investment Officer

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