Checkit — Highlighting the opportunity

Checkit (AIM: CKT)

Last close As at 28/03/2024

GBP0.22

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Market capitalisation

GBP24m

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Research: TMT

Checkit — Highlighting the opportunity

At its recent capital markets day, Checkit outlined the opportunity to supply its intelligent operations management software to the deskless worker market, a currently underserved market for productivity software. The product development roadmap features supporting iOS devices, increasing integration with other systems and enhancing the platform’s data analytics capabilities. Management is focused on driving adoption of its end-to-end solution in Europe and increasingly in the US.

Katherine Thompson

Written by

Katherine Thompson

Director

TMT

Checkit

Highlighting the opportunity

Capital markets day

Software & comp services

26 July 2021

Price

56.5p

Market cap

£35m

Net cash (£m) at end FY21

11.5

Shares in issue

62.4m

Free float

56.2%

Code

CKT

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(2.5)

0

54.7

Rel (local)

(2.2)

(1.5)

32.2

52-week high/low

65p

38p

Business description

Checkit optimises the performance of people, processes and physical assets with connected digital solutions. It is headquartered in Cambridge, UK and has its operations centre in Fleet, UK.

Next events

H122 trading update

12 August 2021

Analyst

Katherine Thompson

+44 (0)20 3077 5730

Checkit is a research client of Edison Investment Research Limited

At its recent capital markets day, Checkit outlined the opportunity to supply its intelligent operations management software to the deskless worker market, a currently underserved market for productivity software. The product development roadmap features supporting iOS devices, increasing integration with other systems and enhancing the platform’s data analytics capabilities. Management is focused on driving adoption of its end-to-end solution in Europe and increasingly in the US.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

EV/sales

(x)

01/20

9.8

(6.4)

(4.0)

0.0

N/A

2.4

01/21

13.2

(3.1)

(5.2)

0.0

N/A

1.8

01/22e

15.2

(4.5)

(7.2)

0.0

N/A

1.6

01/23e

17.8

(2.7)

(4.3)

0.0

N/A

1.3

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Large untapped market to support deskless workers

Checkit highlighted that enterprise software is mostly targeted at desk-based knowledge workers, with a limited amount of software developed for deskless workers. This reduces management oversight of dispersed business operations and makes it harder to standardise processes across a business. Checkit’s Intelligent Operations Platform has been designed to serve this market. The platform brings together a digital assistant app to guide workers through activities, a central console for management to review activity and create new workflows, integration with smart sensor networks and data analytics. Management is not aware of a competitor that can offer a similar end-to-end solution, instead seeing competition from point solution providers for different elements of the platform.

Evolving the platform to support growth

Product development is focused on developing more integration with third-party IoT networks and enterprise software applications so that Checkit becomes more embedded within a customer’s systems and captures more data, and enhancing the platform’s data analytics capabilities. The company is also developing an iOS-based app, which should expand the addressable market, particularly in the United States. The acquisition of Tutela earlier this year and the appointment of a managing director for the US business highlight the company’s ambitions to grow the adoption of Checkit’s software in the US.

Valuation: Sum-of-parts suggests upside

On an EV/sales multiple of 1.6x for FY22e and 1.3x for FY23e, Checkit trades at a significant discount to the UK software sector (5.3x current year sales). On a sum-of-the-parts basis attributing EV/sales multiples that better reflect the performance and prospects for each division, we estimate that the stock is significantly undervalued. For example, using a 4x FY22e multiple for Checkit Connect and 1x for Checkit BEMS would result in a valuation of 83p per share.

Capital markets day review

Checkit held a capital markets day on 15 July, with presentations from the recently appointed CEO Kit Kyte (previously CCO), chief product officer David Davies and US head Steve Peck. Simon Greenman, who recently joined the board as a non-executive director, also gave a brief presentation on the potential for the application of AI technology within the enterprise.

Deskless worker opportunity untapped

The company outlined the large potential opportunity in providing productivity software to deskless workers. The bulk of software today is designed for desk-based knowledge workers. However, the majority of workers globally are deskless (c 2.7bn or 80% of the workforce), for example retail, hospital, restaurant, hotel, manufacturing and facilities management workers. The way that these workers complete and record the necessary processes and procedures for their roles tend to be paper-based checklists or spreadsheets, and in some cases limited vertical solutions. These methods tend to be error prone, inflexible and do not scale well. One Checkit customer estimated that for paper-based checklists, the amount of work carried out was only c 25% of that claimed on the completed checklist. This increased to more like 95% once Checkit’s Connected Workflow Management (CWM) software was introduced.

The use of these methods results in what Checkit calls ‘dark operations’. Management has little oversight of what employees are doing and is failing to capture operational intelligence from workers’ activities.

Checkit Intelligent Operations Platform

To meet these challenges, Checkit has developed its Intelligent Operations Platform. This includes the cloud-based core apps for workflow management and automated monitoring, integrated with sensor networks where appropriate. Information from the apps is fed back to the platform where it can be reviewed by management. The data are available for analysis either within the platform or for use with third-party business intelligence applications. The platform is based on four pillars:

Capture data from people, places and assets in real time;

Connect people, places and assets through connected workflows; give management visibility in real time;

Collaborate – facilitate shared work and task approvals carried out by deskless workers. Often deskless workers need to work on the same tasks at the same time; role-based permissions allow one worker to start a task before handing it over for approval by another worker; and

Comprehend – analyse the data produced by workers to make the business more efficient, understand risks and identify revenue opportunities.

The app, which is a guided assistant, can be used on workers’ own or company-supplied devices. Checkit supplies a dedicated Android-based device called the Memo, which has been designed to be robust when used in environments such as kitchens or hospitals. The app prompts workers to undertake tasks, guides them on how to do them and tracks that they have completed them. A check can be triggered in one of several ways: by time (eg two hours since the last check), by event (eg a delivery), by a sensor (eg temperature has exceeded prescribed limit) or by location (eg when the worker scans a QR code on an asset). If a workflow needs to change, the app can be updated in real time. The app can work offline and will sync with other app users once it comes back online.

The platform features no-code workflows – new activities or processes can be designed with a drag-and-drop builder. From time to time, the company will add new workflows to the platform based on customer demand.

Checkit also supplies smart sensors which automatically feed data into the platform to drive alerts.

Product development

The company announced the launch of three new product features:

Shared workflow libraries. This allows organisatons to build, share and easily update workflow templates.

Job sharing. This allows multiple staff to collaborate on a single activity.

Event-driven actions. This enables users of Checkit’s monitoring technology to feed sensor alerts from equipment or buildings directly into a corrective workflow for action by frontline employees.

Future product development includes:

iOS app. This is important for the US market where Apple devices in the workplace are more common. It also provides the opportunity to capture more data.

Integration with other enterprise software applications, eg user management database.

Enhanced data analytics.

Integration with third-party IoT networks, to expand the sources of data.

Sales strategy

Checkit is focused on tier one and two customers in five markets: healthcare, food retail, franchise, pharma and facilities management. These five sectors make up c 800 million of the 2.7 billion deskless workers globally, with 113 million in the US alone.

In the US, the recent acquisition of Tutela has opened up the opportunity to sell CWM to CAM+1 customers and pipelines for both are ahead of targets.

  CAM+: connected automated monitoring + is used for demanding compliance environments in healthcare and life sciences.

Over time, the company would like to develop partnerships with system integrators and consultants undertaking end-to-end digital transformation projects.

Competitive positioning

The company is not aware of any competitors with end-to-end solutions. There are companies that provide workflow management apps for specific industries, but they do not tend to offer smart sensors or reporting and analytics. Checkit has seen companies using two or three different solutions to achieve the same outcome, as is possible from using Checkit’s technology.

Business transformation

The company has undergone a major transformation since the sale of Elektron in 2019. A restructuring programme has been underway since then to transform the business from its original hardware focus to a SaaS business with the business infrastructure this requires. A new management team is in place, with a new CFO, COO, CCO and CEO appointed over the last year.


Exhibit 1: Financial summary

£m

2019

2020

2021

2022e

2023e

31-January

IFRS

IFRS

IFRS

IFRS

IFRS

INCOME STATEMENT

Revenue

 

 

1.0

9.8

13.2

15.2

17.8

Cost of Sales

(1.0)

(7.2)

(8.5)

(9.5)

(9.7)

Gross Profit

0.0

2.6

4.7

5.7

8.1

EBITDA

 

 

(2.3)

(4.9)

(2.5)

(3.9)

(2.0)

Normalised operating profit

 

 

(4.4)

(6.5)

(3.1)

(4.5)

(2.7)

Amortisation of acquired intangibles

(0.1)

(1.0)

(1.3)

(1.3)

(0.4)

Exceptionals

0.0

(1.7)

(0.9)

(0.4)

0.0

Share-based payments

0.0

0.0

0.0

0.0

0.0

Reported operating profit

(4.5)

(9.2)

(5.3)

(6.2)

(3.1)

Net Interest

0.0

0.1

0.0

0.0

0.0

Joint ventures & associates (post tax)

0.0

0.0

0.0

0.0

0.0

Exceptionals

0.0

0.0

0.0

0.0

0.0

Profit Before Tax (norm)

 

 

(4.4)

(6.4)

(3.1)

(4.5)

(2.7)

Profit Before Tax (reported)

 

 

(4.5)

(9.1)

(5.3)

(6.2)

(3.1)

Reported tax

0.0

0.1

0.3

0.0

0.0

Profit After Tax (norm)

(4.4)

(6.4)

(3.1)

(4.5)

(2.7)

Profit After Tax (reported)

(4.5)

(9.0)

(5.0)

(6.2)

(3.1)

Minority interests

0.0

0.0

0.0

0.0

0.0

Discontinued operations

8.6

89.8

0.6

0.0

0.0

Net income (normalised)

(4.4)

(6.4)

(3.1)

(4.5)

(2.7)

Net income (reported)

4.1

80.8

(4.4)

(6.2)

(3.1)

Basic average number of shares outstanding (m)

178

161

62

62

62

EPS - basic normalised (p)

 

 

(2.5)

(4.0)

(5.2)

(7.2)

(4.3)

EPS - diluted normalised (p)

 

 

(2.5)

(4.0)

(5.2)

(7.2)

(4.3)

EPS - basic reported (p)

 

 

2.3

50.2

(7.2)

(9.9)

(5.0)

Dividend (p)

0.00

0.00

0.00

0.00

0.00

Revenue growth (%)

N/A

880.0

34.7

14.9

17.1

Gross Margin (%)

0.0

26.5

35.6

37.3

45.5

EBITDA Margin (%)

-230.0

-50.0

-18.9

-25.6

-11.3

Normalised Operating Margin

-440.0

-66.3

-23.5

-29.6

-15.2

BALANCE SHEET

Fixed Assets

 

 

5.0

8.5

6.8

7.7

7.3

Intangible Assets

2.9

7.3

6.0

6.8

6.2

Tangible Assets

1.7

1.2

0.8

0.9

1.1

Investments & other

0.4

0.0

0.0

0.0

0.0

Current Assets

 

 

19.5

19.8

17.5

11.2

9.8

Stocks

4.3

1.7

1.1

1.2

1.3

Debtors

5.1

3.4

4.4

4.8

5.1

Cash & cash equivalents

10.1

14.3

11.5

5.1

3.5

Other

0.0

0.4

0.5

0.1

0.0

Current Liabilities

 

 

(7.9)

(5.6)

(5.9)

(6.7)

(8.0)

Creditors

(7.6)

(5.1)

(5.6)

(6.4)

(7.7)

Tax and social security

(0.3)

0.0

0.0

0.0

0.0

Short term borrowings

0.0

0.0

0.0

0.0

0.0

Other

0.0

(0.5)

(0.3)

(0.3)

(0.3)

Long Term Liabilities

 

 

(0.3)

(1.3)

(0.8)

(0.8)

(0.8)

Long term borrowings

0.0

0.0

0.0

0.0

0.0

Other long-term liabilities

(0.3)

(1.3)

(0.8)

(0.8)

(0.8)

Net Assets

 

 

16.3

21.4

17.6

11.4

8.3

Minority interests

0.0

0.0

0.0

0.0

0.0

Shareholders' equity

 

 

16.3

21.4

17.6

11.4

8.3

CASH FLOW

Op Cash Flow before WC and tax

(2.3)

(4.9)

(2.5)

(3.9)

(2.0)

Working capital

(0.5)

(1.0)

0.3

0.3

1.0

Exceptional & other

9.1

5.3

(0.7)

(0.4)

0.0

Tax

(0.5)

(0.5)

0.0

0.0

0.0

Net operating cash flow

 

 

5.8

(1.1)

(2.9)

(4.0)

(1.0)

Capex

(2.2)

(0.3)

(0.3)

(1.8)

(0.3)

Acquisitions/disposals

1.3

84.2

0.3

(0.2)

0.1

Net interest

0.0

0.1

0.0

0.0

0.0

Equity financing

0.0

(77.9)

0.5

0.0

0.0

Dividends

0.0

0.0

0.0

0.0

0.0

Other

0.0

(0.8)

(0.4)

(0.4)

(0.4)

Net Cash Flow

4.9

4.2

(2.8)

(6.4)

(1.6)

Opening net debt/(cash)

 

 

(5.2)

(10.1)

(14.3)

(11.5)

(5.1)

FX

0.0

0.0

0.0

0.0

0.0

Other non-cash movements

0.0

0.0

0.0

0.0

0.0

Closing net debt/(cash)

 

 

(10.1)

(14.3)

(11.5)

(5.1)

(3.5)

Source: Checkit, Edison Investment Research

General disclaimer and copyright

This report has been commissioned by Checkit and prepared and issued by Edison, in consideration of a fee payable by Checkit. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

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New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

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Frankfurt +49 (0)69 78 8076 960

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London +44 (0)20 3077 5700

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New York +1 646 653 7026

1185 Avenue of the Americas

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United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Checkit and prepared and issued by Edison, in consideration of a fee payable by Checkit. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

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1185 Avenue of the Americas

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United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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Research: Financials

Secure Trust Bank — Drawing the line under mortgages exit

Secure Trust Bank (STB) announced on 23 July it has agreed the sale of its entire residential mortgage loan book to Jacqali Designated Activity Company, a financing vehicle created in 2021 by an undisclosed global financial institution. STB estimates the sale price at £54.6m and above net book value. Mortgages represent 2% of loan book so the sale is not needle moving – we estimate 10–20bp might be added to our FY21 forecast tier 1 capital ratio of 13.6%. STB stopped writing new business before the pandemic started in 2020, viewing market conditions as creating unattractive risk adjusted margins in this segment. This sale simplifies the group structure and draws a line under STB’s exit from the business. The capital will be reallocated to STB’s remaining business and general corporate businesses. We forecast STB’s loan growth to be 5.1% in FY21 and for it to increase to 15.3% in FY22.

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