Cenkos Securities (CNKS)

Business description

Cenkos is a specialist, UK institutional stockbroker, focused on growth companies and investment funds. Its principal activities are primary and secondary fund raising, corporate advisory, research, trade execution and market making activities.

Stock data

Market cap.£52.4m
Last close92.50p
High / Low (52 weeks)140.0p / 69.0p
Stock market listingLN
Forecast net cash (£m)27.4
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(4.2)(2.1)(32.7)
Relative *(3.8)(3.6)(43.5)

* % Relative to local index

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Company news

Profits tumble at Cenkos Securities as fundraisings dry up

Fri, 31 Mar 2017 08:00:31 GMT

UK Regulator Fines Cenkos $690000 Over Scandal-Laden Quindell

Tue, 09 Aug 2016 10:20:28 GMT

Cenkos Securities chief executive Jim Durkin to stand down

Fri, 12 May 2017 16:32:51 GMT

'Brexit' uncertainty almost wipes out profits at Cenkos Securities

Wed, 21 Sep 2016 09:09:59 GMT

Cenkos Securities PLC Looks Like A Target For Barclays PLC

Wed, 07 Jan 2015 15:00:46 GMT

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2015A 76.5 20.0 19.9 27.2 3.4 3.4
2016A 43.7 4.5 4.4 4.7 19.7 N/A
2017E 52.0 8.0 7.8 11.2 8.3 6.0
2018E N/A N/A N/A N/A N/A N/A

Last updated on 23/05/2017

Latest research

A flexible model that rewards innovation

Update | Financials | 03/04/2017

Transparent, entrepreneurial business model

Update | Financials | 26/05/2016

Daily comment

Institutional Comment | Financials | 30/03/2015

Daily comment

Institutional Comment | Financials | 14/10/2014

AA super-charged

Outlook | Financials | 13/10/2014

Daily Comment

Institutional Comment | Financials | 18/09/2014

Daily comment

Institutional Comment | Financials | 23/06/2014

Galloping ahead in positive markets

Update | Financials | 17/04/2014

Daily comment

Institutional Comment | Financials | 26/03/2014

A thoroughbred broker

Initiation | Financials | 14/10/2013

Specialism pays

Outlook | Financials | 30/09/2011

Investment summary

Despite a recovery in H2, CNKS FY16 revenues declined noticeably (43%) from the high levels of 2014/15, reflecting quieter markets and the absence of the very large (£1bn plus) transactions that characterised those years. Excluding the BCA transaction from 2015, the revenue decline of 12% broadly matched the weaker trend in AIM equity issuance, which was 13% lower in the year at £4.8bn (CNKS 13% market share). In response to sharply lower revenues, costs were well controlled with performance-related pay reducing and non-staff costs falling slightly. This flexibility in the business model mitigated the decline in profitability, resulting in a pre-tax profit of £4.4m (2015: £19.9m) and ROE of 10%. Profits were again fully distributed (6p dividend). It was recently announced that the CEO is to retire, at a date yet to be fixed, once a successor has been found and after an orderly handover.

Last updated on 01/06/2017

Industry outlook

Markets have maintained a positive tone in recent months, although economic and political uncertainties remain a feature. CNKS describes its pipeline as encouraging and recently acted as Nomad and sole broker on the April flotation of Eddie Stobart, raising £380m with a market valuation of £573m.

Last updated on 01/06/2017

Key management

Gerry Aherne, Chairman
Jim Durkin, CEO
Mike Chilton, FD

Company address

6.7.8 Tokenhouse Yard,
London
EC2R 7A
United Kingdom
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