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Lighthouse Group (LGT)

Business description

Lighthouse comprises a diverse group of UK financial advice firms serving individuals and businesses. The main focus is on Middle Britain and contracts with 21 affinity groups are an important revenue and profit contributor.

Stock data

Market cap.£34m
Last close26.60p
High / Low (52 weeks)38.7p / 18.3p
Stock market listingLN
Forecast net debt (£m)9.2
Forecast gearing ratio (%)666
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(11.9)(17.4)34.7
Relative *(11.9)(11.7)41.2

* % Relative to local index

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Investment summary

Lighthouse (LGT) has announced a strategic agreement with Tavistock Investments (TAVI) that will provide it with access to Tavistock’s investment solutions. This will help deliver the broader offering Lighthouse seeks for its in-house asset management arm, Luceo. In conjunction with this agreement, Lighthouse has subscribed £1m to Tavistock’s £1.25m equity fund-raising giving it a 5.3% stake. Our valuation (c 44p) and estimates are unchanged at this stage.

Last updated on 15/11/2018

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 47.9 2.3 1.9 1.13 23.5 N/A
2017A 54.1 3.2 2.5 1.49 17.9 N/A
2018E 55.7 3.5 2.8 1.61 16.5 N/A
2019E 57.5 3.8 3.1 1.81 14.7 N/A

Last updated on 23/10/2018

Latest video

Executive interview – Lighthouse Group

Industry outlook

The industry background for financial advisers appears positive. Forecasts point to an ageing population with greater longevity. This is combined with a number of factors that mean individuals have to make more decisions and bear greater risk in relation to long-term saving for retirement. All this tends to push people to seek financial advice. As noted, for Lighthouse a key opportunity is to increase its penetration of the affinity partner membership.

Last updated on 26/10/2018

Key management

Richard Last, Chairman
Malcolm Streatfield, CEO
Peter Smith, CFO

Company address

26 Throgmorton Street,
London
EC2N 2AN
United Kingdom
020 7065 5640
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