Cenkos Securities (AIM: CNKS)

Currency in GBP

Last close As at 09/06/2023


0.00 (0.00%)

Market capitalisation


Cenkos is a leading UK securities business, which acts as nominated advisor, sponsor, broker and financial adviser to companies, focusing on UK small- and mid-cap companies and investment funds. Since inception in 2005 it has raised more than £22bn in equity capital for corporate clients, which stood at 107 at end December 2022.

On a pro forma basis the combined group will have more than 210 retained listed/quoted clients, over 230 employees and revenue of more than £50m. The capabilities of the two companies are complementary and when combined will encompass equity capital markets, M&A advisory, debt advisory and private growth capital fundraising. The boards see potential for significant cost synergies and believe greater scale should provide a stable platform for growth.




Equity Analyst

Robert Murphy

Managing Director, Financials and Investment Trusts

Key Management

  • Ben Procter


  • Julian Morse


  • Lisa Gordon


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (19.7) (39.6) (52.3)
Relative (18.3) (37.2) (51.9)
52 week high/low 64.0p/30.0p


On 23 March a recommended all-share merger of Cenkos and finnCap was announced under the terms of which Cenkos shareholders will be entitled to receive 3.19420647 new finnCap shares for each Cenkos share. At finnCap’s closing share price prior to the announcement (11.625p) this valued each Cenkos share at 37.13p. Shareholders of each company will hold approximately 50% of the enlarged share capital of finnCap. Cenkos shareholders will receive the 0.5p final dividend already announced and the board also intends to formally declare an interim dividend of 3p after the end of June. The merger is subject to conditions including FCA approval. For the purposes of the Takeover Code, Edison is deemed to be connected with Cenkos as a provider of paid-for research.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 37.2 4.8 4.0 6.0 5.1 2.5
2022A 20.3 (2.0) (2.7) (4.9) N/A N/A
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A