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Last close As at 06/02/2023
▲ −2.00 (−0.26%)
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, GHE is well-positioned to weather challenging market conditions. GHE issued a positive pre-close update for FY22. Year-end AUM is expected to be at least £7.8bn (prior year £6.5bn). FY22 adjusted operating profit is expected to be above the upper end of market expectations of £26.5m (our estimate £25.9m). Since the year end GHE has announced the launch of an Irish Strategic Forestry Fund with target AUM of €200m and strong fund-raising for VCTs signalling continued momentum. We will look to update our estimates following the full-year results announcement in March. Note: the PBT figure shown is GHE’s adjusted operating profit.
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Gresham House (GHE) 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.
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