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.

Stock data

Market cap.£92.3m
Last close46.38p
High / Low (52 weeks)52.5p / 26.4p
Stock market listingLN
Forecast net cash (£m)9
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(7.25)3.3475
Relative *(10.81)0.9960.78

* % Relative to local index

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Company news

PPO Below Signal on Shares of Record Plc (REC.L)

Wed, 18 Oct 2017 22:30:00 GMT

Investor Focus on Shares of Record Plc (REC.L)

Thu, 19 Oct 2017 03:33:45 GMT

Is It Time To Sell Record plc (LSE:REC) Based Off Its PE Ratio?

Fri, 13 Oct 2017 12:11:15 GMT

Focusing the Lens on Record Plc (REC.L) Shares: Technical Update

Tue, 17 Oct 2017 17:48:45 GMT

Is Record plc (LSE:REC) Generating Enough Return on Equity?

Wed, 18 Oct 2017 20:48:45 GMT

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 21.1 7.2 7.0 2.54 18.3 N/A
2017A 23.9 8.1 7.9 2.90 16.0 N/A
2018E 25.1 9.1 8.8 3.39 13.7 N/A
2019E 25.6 9.2 9.0 3.59 12.9 N/A

Last updated on 18/09/2017

Investment summary

Record reported an AUME increase of 2.9% in Q118 to 30 June 2017, reaching $59.9m (31 March: $58.2bn). Inflows offset the previously announced cancellation of a $1.2bn passive hedging mandate. During the quarter a dynamic hedging client notified Record of its intention to switch to a passive mandate. Exchange rate movements increased AUME measured in US dollars by $2.4bn, while market movements reduced AUME by $0.7bn. Fee rates remained steady through the quarter and no performance fees were earned. Despite rerating in the last year, the shares still trade below average multiples for UK asset managers and yield over 4% on our estimated FY18 dividend. Record is due to release a second quarter update on 20 October.

Last updated on 03/10/2017

Industry outlook

Sources of uncertainty over the economic and political outlook remain a feature of the global scene, creating an environment in which interest in Record's currency management services is sustained. The tender offer (completed in July) contributes to the expected increase in earnings per share, while the commitment to a progressive dividend policy and ongoing special dividend payments to distribute substantially all earnings means income returns should continue to be attractive.

Last updated on 03/10/2017

Key management

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

Company address

Morgan House
Madeira Walk
Windsor
SL4 1EP
United Kingdom
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