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Numis Corporation (LSE: NUM)

Currency in GBP

Last close As at 17/03/2023

GBP2.16

▲ −0.50 (−0.23%)

Market capitalisation

GBP238m

Numis is one of the UK’s leading independent investment banking groups, offering a full range of research, execution, equity capital markets, corporate broking and advisory services. At end-September 2022, it employed 336 staff in offices in London, Dublin and New York and had 176 corporate clients.

In its update Numis noted that while the timing of a recovery in capital markets is uncertain it did see some improvement in institutional appetite for both primary and secondary offerings, a potentially encouraging early indicator. On a longer view, the company retains a strong client base and will continue to invest selectively in staff and technology to expand its capabilities and enhance its operational efficiency, underpinning its performance through market cycles.

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Financials

Numis — Revenues running in line with H222

Financials

Numis Corporation — Diversification mitigates market downturn

Financials

Numis Corporation — A subdued H222 though M&A outlook positive

Financials

Numis Corporation — Further evidence of diversification benefits
Numis-Corporation_resized
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Sector

Financials

Equity Analyst

Andrew Mitchell

Andrew Mitchell

Director, Financials

Key Management

  • Alexander Ham

    Co-Chief Executive Officer and Director

  • Andrew Holloway

    Chief Financial Officer and Company Secretary

  • Ross Mitchinson

    Co-Chief Executive Officer and Director

Balance Sheet

Forecast net cash (£m)

109.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (8.1) 15.4 (14.3)
Relative (3.0) 15.0 (17.0)
52 week high/low 295.0p/170.4p

Financials

In February Numis released a trading update for the four months to end January. As anticipated at the time of the FY22 results, low levels of equity issuance and corporate activity have continued into H123 and revenues for the period were similar to the H222 run-rate. Within Investment Banking, capital markets activity remained subdued. However, momentum in M&A advisory was maintained and the near-term pipeline in this area was strong, demonstrating the benefit of Numis’s diversifying investment in the business. Equities revenue was slightly ahead of the H222 run-rate benefiting from a significant rally in small and mid-cap equity indices.

Y/E Sep Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 215.6 72.3 74.2 49.1 4.4 4.4
2022A 144.2 25.6 20.9 11.9 18.2 211.6
2023E 151.8 28.7 24.0 16.8 12.9 7.5
2024E N/A N/A N/A N/A N/A N/A

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