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Share (SHRE)

Business description

Share plc’s main subsidiary is The Share Centre, which is a self-select retail stockbroker that also offers share services for corporates and employees.

Stock data

Market cap.£38.8m
Last close27.00p
High / Low (52 weeks)29.0p / 22.8p
Stock market listingLN
Forecast net cash (£m)8.9
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual0.00.00.0
Relative *0.2(5.1)(3.6)

* % Relative to local index

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Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 14.6 (1.1) 0.0 0.0 N/A N/A
2017A 18.7 (0.4) 0.4 0.27 100.0 N/A
2018E 20.1 0.7 0.9 0.52 51.9 N/A
2019E 20.8 0.9 1.0 0.57 47.4 N/A

Last updated on 25/06/2018

Investment summary

At the end of May Share’s Q1 update indicated that trading was in line with management expectations. Revenues were up 20% driven by dealing income (+27% vs Q117 and 58% of the total) and interest income (+160%, 8% of revenue). Fee income was down 1%. Gains in dealing income in part reflected full inclusion of Computershare services while fee income was reduced by the transfer out of the Authorised Corporate Director role. Interest income benefited from a base rate increase and an FCA rule change allowing a longer deposit period for part of client cash balances. Market share vs a wider peer group was 3.54% for Q118 against 3.66% for Q117. Increased fee rates at some peers influenced this outcome.

Last updated on 29/06/2018

Industry outlook

The current year saw an early spike in volatility but equity markets have recouped initial losses. Also, the economic background appears reasonably encouraging despite a muted Q1 and investor sentiment has shown resilience. The work that the group has done to improve its customer offering, IT platform and to expand its strategic partnerships should mean that it can grow to a more profitable scale through market cycles.

Last updated on 29/06/2018

Key management

Gavin Oldham, Chairman
Richard Stone, CEO
Mike Birkett, FD

Company address

Oxford House,
Oxford Road
Aylesbury
Buckinghamshire
HP21 8SZ
United Kingdom
+44 (0) 1296 41 41 41
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