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
Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2011A 37.4 5.2 5.1 5.02 33.5 N/A
2012A 43.2 6.8 7.0 7.43 22.6 7.2
2013E N/A N/A N/A N/A N/A N/A
2014E N/A N/A N/A N/A N/A N/A

Last updated on 27/03/2014

Latest research

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 that has delivered outperformance in tough conditions bodes well should there be a sustained market improvement. We have seen positive peer results, an upbeat Cenkos trading statement including a strong announced deal flow (available on the company's website). Results are due at the end of March.

Last updated on 31/03/2014

Industry outlook

Small and medium-sized brokers are strategically challenged with margins squeezed and costs largely fixed or increasing with regulation. However, Cenkos has more than met these challenges, and should weaker competitors exit the market, Cenkos is likely to see further franchise growth. The most recent LSE market announcements indicate a substantial improvement in near-term trading (UK ytd order book trades up over 30% on 2013) as well as capital raising.

Last updated on 31/03/2014

Key management

Peter Sullivan, Chairman
Jim Durkin, CEO
Mike Chilton, FD

Company address

6.7.8 Tokenhouse Yard,
London
EC2R 7A
United Kingdom
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