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Gresham House (LSE: GHE)

Currency in GBP

Last close As at 26/01/2023

GBP7.57

▲ −3.00 (−0.39%)

Market capitalisation

GBP287m

Gresham House is a specialist alternative asset manager focused on sustainable investments with strategies in public and private equity and real assets including forestry, renewable energy, battery storage, housing and sustainable infrastructure. End-September 2022 AUM stood at £7.5bn.

With c 85% of AUM in real assets and private equity, the group is well-positioned to weather current market conditions. The H122 results in September showed AUM growth of 11% to £7.3bn (+8% organic) and adjusted operating profit up 91% to £13.2m. The November update with the capital markets day reported further growth with end-September AUM of £7.5bn and the company confirmed that it expects to achieve adjusted operating profit in line with market expectations for FY22.

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Financials

Gresham House — Resilient near-term and set for secular growth

Financials

Gresham House — Resilience confirmed as growth continues

Financials

Gresham House — Good progress in H122

Financials

Gresham House — ESG specialist manager delivering its strategy
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Sector

Financials

Equity Analyst

Andrew Mitchell

Andrew Mitchell

Director, Financials

Key Management

  • Andy Hampshire

    COO

  • Kevin Acton

    CFO

  • Rupert Robinson

    MD of Investment Management Business

  • Samee Khan

    CLO

  • Tony Dalwood

    CEO

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.4 3.7 (8.8)
Relative (3.4) (6.2) (11.0)
52 week high/low 1005.0p/710.0p

Financials

Gresham House has a strong position in alternative asset management with a sustainability focus, areas that are expected to experience continued strong growth. Many of the real assets managed are deemed to offer a measure of inflation protection. Most assets managed are in long-term structures generating an average gross revenue margin of 1%. The group is ahead of schedule in delivering its five-year plan and has established a successful track record for acquisitions. Employees are aligned with shareholders, holding c 10% of the shares.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2020A 41.9 12.1 12.1 32.92 23.0 15.4
2021A 70.4 20.5 20.2 49.31 15.4 13.7
2022E 76.6 26.4 25.9 52.15 14.5 16.7
2023E 84.7 31.4 31.0 58.56 12.9 10.2

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