Record (LSE: REC)

Currency in GBP

Last close As at 26/05/2023

GBP0.88

0.40 (0.46%)

Market capitalisation

GBP174m

Record is a specialist independent currency manager. It 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.

Record reiterated its financial targets for FY25 in February, including revenue of over £60m (excluding performance fees), an operating profit margin of 40% and a target ordinary dividend payout ratio of between 70% and 90% of EPS. We adjusted our estimates, taking into account the increase in AUME (to $86bn) reported at the time of the Q323 update and also making allowance for the indications given on the sales pipeline in the February presentation. Record is due to release a Q423 update on 28 April.

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Financials

Record — Strong inflows in FY23

Financials

Record — Explaining strategy and growth

Financials

Record — Changes taking effect

Sector

Financials

Equity Analyst

Robert Murphy

Managing Director, Financials and Investment Trusts

Key Management

  • Leslie Hill

    CEO

  • Neil Record

    Chairman

  • Steve Cullen

    CFO

Balance Sheet

Forecast net debt (£m)

18.8

Forecast gearing ratio (%)

64

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 6.8 (10.6) 23.7
Relative 10.9 (6.9) 24.3
52 week high/low 98.0p/61.0p

Financials

In FY23, Record’s assets under management equivalent (AUME) increased by 5.5% to $87.7bn (FY22: $83.1bn). Full year inflows were strong at $9.1bn (FY22: $2.4bn), or 11% of opening AUME, although marginal outflows of $0.1bn were recorded in Q423. In its trading statement, management points to its expectation of continued growth in FY24 in a more normalised FX volatility environment and in delivering new and higher-margin revenue streams through product development.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 25.4 7.0 6.2 2.73 32.1 25.3
2022A 35.2 12.2 10.9 4.37 20.0 15.2
2023E 44.8 15.7 14.8 6.10 14.4 14.6
2024E 45.5 15.6 15.0 5.72 15.3 14.9

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