£81.4m market cap
40.9p 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
At the end of June (Q121) Record’s AUME stood at $63.3bn, an increase of 8% in both dollar and sterling terms compared with the March year-end levels. Net flows were slightly negative($0.5bn). FX and mandate volatility targeting moves added $1.6bn while market moves were the main positive driver at $3.6bn. Fee rates were flat in the quarter and no performance fees were crystallised. Downward pressure on passive hedging remains a feature and, from the start of Q221, one large passive hedging client has switched from a management fee only to a lower management fee with the potential for performance fees. Taking all these factors into account our estimates were unchanged.
Y/E Mar |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 25.0 | 8.2 | 8.0 | 3.25 | 12.6 | 11.5 |
| 2020A | 25.6 | 8.5 | 7.7 | 3.26 | 12.5 | 12.3 |
| 2021E | 23.7 | 6.5 | 5.7 | 2.37 | 17.3 | 12.9 |
| 2022E | 24.0 | 6.4 | 5.6 | 2.33 | 17.6 | 15.1 |
Industry outlook
Record is progressing with its initiatives to focus on growth. It has launched a new multi-asset product based on its dynamic macro strategy run by John Floyd and is also working on an Impact/ESG bond offering though the timing of this launch has yet to be determined. Work is also underway on IT enhancement projects as highlighted at the time of the full year results. A new, experienced, third party distributor has been appointed in the US (KPG Capital Partners) to extend the reach of Record’s marketing efforts in this market. The Q221 trading update is due 19 October.
Last updated on 24/09/2020
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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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3m |
12m |
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Key management |
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|---|---|
| Neil Record | Chairman |
| Leslie Hill | CEO |
| Steve Cullen | CFO |
| Bob Noyen | Chief Investment Officer |
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