Record (REC)

Business description

Record is a specialist currency manager, providing currency hedging and return seeking mandates to institutional clients. Services include passive and dynamic hedging and return seeking currency strategies via funds or segregated accounts.

Share price chart

Share chart

Stock data

Market cap.£76.9m
Last close34.75p
High / Low (52 weeks)42.5p / 29.5p
Stock market listingLN
Forecast net cash (£m)13.6
Forecast gearing ratio (%)N/A

Price performance

Relative *0.6(1.8)(22.8)

* % Relative to local index

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Company news

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Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2013A 18.3 5.9 5.8 2.01 17.3 N/A
2014A 20.3 7.1 6.9 2.43 14.3 N/A
2015E 19.8 6.6 6.5 2.32 15.0 N/A
2016E 20.6 6.8 6.8 2.47 14.1 N/A

Last updated on 19/02/2015

Latest research

Net client inflows on their way

Update | Financials | 22/01/2015

Daily comment

Institutional Comment | Financials | 16/01/2015

Steady profits in H115

Update | Financials | 27/11/2014

Daily comment

Institutional Comment | Financials | 14/11/2014

Daily comment

Institutional Comment | Financials | 18/07/2014

FY14 strong volumes at lower fee margin

Update | Financials | 24/06/2014

Modest Q4 progress; FY14 estimates reaffirmed

Update | Financials | 24/04/2014

Strong pipeline generating new mandate wins

Update | Financials | 20/01/2014

The US is the land of opportunity

Update | Financials | 25/11/2013

Growing pipeline of potential US mandates

Update | Financials | 08/11/2013

Operationally geared to grow

Initiation | Financials | 25/10/2013

Return to client growth

QuickView | Financials | 12/06/2013

Investment summary

Record has reported that assets under management equivalent (AUME) in dollar terms were broadly flat in the quarter to December 2014, with net inflows amounting to just $0.1bn. However, management has announced that it expects $2bn of net inflows in the current quarter. We estimate that these will produce a small uplift in profits despite a further shift from higher-margin dynamic mandates to lower-margin passive ones. We do not expect any impact from the Swiss franc currency turmoil as Record uses high-quality bank counterparties for its clients’ business and not retail brokers. Our estimates do not include new mandate wins (or losses) and would benefit from any conversion of this increased market interest.

Last updated on 02/03/2015

Industry outlook

The emergence of a strengthening US dollar could provide a material opportunity for Record in the large US market. US investors holding assets denominated in foreign currencies have benefited from the weakness of the US dollar on a trade-weighted basis since 2001; hedging could protect these gains and improve portfolio efficiency by reducing volatility.

Last updated on 02/03/2015

Key management

Neil Record, Chairman
James Wood-Collins , CEO
Steve Cullen , CFO
Bob Noyen, Chief Investment Officer

Company address

Morgan House
Madeira Walk
United Kingdom
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