Share (SHRE)

Business description

Share plc owns The Share Centre and Sharefunds. The Share Centre is a self-select retail stockbroker that also offers share services for corporates and employees. A high proportion of income is from stable fee and interest income.

Stock data

Market cap.£33m
Last close23.00p
High / Low (52 weeks)29.0p / 22.8p
Stock market listingLN
Forecast net cash (£m)10.4
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual1.1(11.5)(16.4)
Relative *(2.1)(14)(22.8)

* % Relative to local index

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Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2015A 14.1 (0.8) 0.6 0.40 57.5 N/A
2016A 14.6 (1.1) 0.0 0.0 N/A 65.1
2017E 18.0 0.0 0.5 0.29 79.3 29.4
2018E 19.0 0.2 0.8 0.43 53.5 128.5

Last updated on 04/12/2017

Latest research

Making good progress

Update | Financials | 27/10/2017

Encouraging trends

Outlook | Financials | 08/09/2017

Poised for delivery

Update | Financials | 15/03/2017

Trading in line and client account acquisition

Update | Financials | 27/10/2016

Digital transformation underway

Update | Financials | 15/08/2016

Investing for growth

Update | Financials | 29/03/2016

Gaining share in challenging markets

Update | Financials | 05/11/2015

Difficult H115, but outlook still promising

Update | Financials | 29/07/2015

Market share gains in a weak market

Update | Financials | 29/04/2015

Investing through tough markets

Update | Financials | 12/03/2015

Daily comment

Institutional Comment | Financials | 04/03/2015

Daily comment

Institutional Comment | Financials | 18/12/2014

Investment summary

Share’s third quarter update confirmed the positive trends reported in August, with further market share gains and continuing work on its digital transformation providing evidence of the fruits of the investment already made and signalling continued measures to improve the customer experience to underpin further, profit-enhancing growth. Revenues, excluding interest, were up 29% compared with Q316 led by commission revenue. Assets under administration at the end of the period stood at £4.5bn, up 24% y-o-y or 6% q-o-q.

Last updated on 13/12/2017

Industry outlook

The UK equity market has experienced a period of significant strength since early 2016 and recent volatility has been subdued, so there is a risk of correction against an uncertain macro background. Indeed, Share noted that peer trading volumes in Q3 were down 6% y-o-y (its own volumes were up 4%) and investor sentiment appears to have softened somewhat. On a longer view, Share’s focus on customer experience, investment in IT and flat fee structure should mean it is well placed to retain and extend its market share gains through market cycles.

Last updated on 13/12/2017

Key management

Gavin Oldham, Chairman
Richard Stone, CEO
Mike Birkett, FD

Company address

Oxford House,
Oxford Road
Aylesbury
Buckinghamshire
HP21 8SZ
United Kingdom
+44 (0) 1296 41 41 41
View website