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.£65m
Last close117.50p
High / Low (52 weeks)122.0p / 88.0p
Stock market listingLN
Forecast net cash (£m)28.1
Forecast gearing ratio (%)N/A

Price performance

Relative *5.117.429.5

* % Relative to local index

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Company news

Cenkos Securities cautious over financial markets as volatility increases

Fri, 23 Mar 2018 11:03:45 GMT

By The Book: Delving into Shares of Cenkos Securities plc (AIM:CNKS)

Fri, 23 Mar 2018 12:56:15 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

Profits tumble at Cenkos Securities as fundraisings dry up

Fri, 31 Mar 2017 08:00:31 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 4.3 4.3
2016A 43.7 4.5 4.4 4.7 25.0 N/A
2017E 58.0 8.6 8.4 12.4 9.5 7.0
2018E N/A N/A N/A N/A N/A N/A

Last updated on 19/02/2018

Latest research

Making hay when the sun shines

Update | Financials | 06/10/2017

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

Cenkos Securities’ H117 result announced in September was strong with a pre-tax profit increase of over 150% bolstered by the Eddie Stobart IPO that provided further evidence of the company’s ability to complete larger transactions as well as a flow of smaller deals. The second half had started well and, subject to market conditions, the pipeline was reported to be healthy. We increased our FY17 earnings estimate by nearly 11%. Revenue and profit are subject to market fluctuations but the business model of contained fixed costs and high variable compensation mitigates the impact of this. The valuation both in terms of P/E and yield appears cautious.

Last updated on 02/03/2018

Industry outlook

Following a period of unusual stability, the equity market experienced a correction in early 2018. It remains to be seen whether volatility remains at a higher level and has an impact on transactions. However, the smaller company indices are still in positive territory on a 12-month view, potentially setting the scene for continued activity if market fluctuations subside. MiFID II is set to put further pressure on institutional commissions, but these are a relatively small part of Cenkos' revenues. Longer-term, the breadth of client base and transaction record are encouraging features.

Last updated on 02/03/2018

Key management

Gerry Aherne, Chairman
Anthony Hotson, CEO
Philip Anderson, FD

Company address

6.7.8 Tokenhouse Yard,
United Kingdom
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