ABC arbitrage (PAR: ABCA)

Last close As at 13/04/2024

3.83

0.02 (0.39%)

Market capitalisation

229m

Latest Insights

Financials | Flash note

ABC arbitrage — FY23 results in line with market conditions

Financials | Update

ABC arbitrage — Equity markets remain calm

Financials | Initiation

ABC arbitrage — A specialist arbitrage trader and asset manager

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.2) (21.6) (37.9)
Relative (4.2) (27.2) (45.8)
52 week high/low €6.2/€3.6

Financials

ABC arbitrage group (ABCA) reported net income of €16.5m in FY23, 43% lower than FY22, but in line with market conditions. Financial markets in 2023 were characterised by lower volatility than in the previous three years, affecting ABCA’s volatility-based strategies. At the same time, mergers and acquisitions volume was 30% lower year-on-year, mostly due to higher borrowing costs, limiting acquisition arbitrage opportunities. In 2023, ABCA also had a temporary halt in its activities in digital assets following difficulties in the ecosystem. Looking ahead, ABCA maintains the ambitions laid out in its Springboard 2025 plan, and confirms its intention to pay a minimum dividend of €0.30 per annum, implying a yield of 7.8% on the current share price.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2021A 64.3 37.1 35.4 48.0 7.9 N/A
2022A 61.4 30.8 29.1 49.0 7.8 N/A
2023E 45.6 20.0 18.3 30.4 12.5 N/A
2024E 62.1 28.8 27.0 44.5 8.6 N/A

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