£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) |
EBITDA (£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
Sector |
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| Financials & real estate |
Share price graph
Balance sheet |
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|---|---|
| Forecast net cash (£m) | 12.1 |
| Forecast gearing ratio (%) | N/A |
Price performance
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1m |
3m |
12m |
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Key management |
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|---|---|
| Neil Record | Chairman |
| James Wood-Collins | CEO |
| Steve Cullen | CFO |
| Bob Noyen | Chief Investment Officer |
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