Cenkos Securities (CNKS)

Business description

Cenkos is an independent, specialist, institutional securities group, focused on growth companies and investment funds. Its principal activities are corporate broking and advisory and institutional equities.

Share price chart

Share chart

Stock data

Market cap.£109.5m
Last close172.50p
High / Low (52 weeks)244.0p / 135.0p
Stock market listingLN
Forecast net debt (£m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(2)(29.3)26.4
Relative *1.0(26.1)26.4

* % Relative to local index

Other companies in sector Show

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2012A 43.2 6.8 7.0 7.43 23.2 7.4
2013A 51.4 10.9 10.7 14.19 12.2 7.9
2014E 87.2 25.6 25.4 33.39 5.2 5.0
2015E 60.0 12.6 12.4 17.84 9.7 24.7

Last updated on 27/11/2014

Latest research

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 differentiates itself by its meritocratic remuneration policy leading to a flexible cost structure; staff ownership of risk; focus on diversified, profitable niches; and returns of capital to its owners. The quality of staff attracted to this model has delivered outperformance in tough conditions but also in better ones. In H114 Cenkos was the sole co-ordinator and book runner for the AA float (which generated £31.5m in revenue), showing it can compete effectively with bulge bracket even for large deals. Recent volatility has seen a number of market-wide IPOs publically withdrawn and we have reduced 2014 revenue and cost estimates by £5m and £2.3m respectively (cost income ratio up to 71% from 70%). Our 2015 forecasts are unchanged at this stage.

Last updated on 01/12/2014

Industry outlook

The reported deals on Cenkos's website are well ahead of 2013 and the pipeline commentary is very positive. Delivery of this pipeline will be dependent on market conditions, which most recently have been unfavourable to equity issuance.

Last updated on 01/12/2014

Key management

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

Company address

6.7.8 Tokenhouse Yard,
London
EC2R 7A
United Kingdom
View website