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Numis Corporation (NUM)

Business description

Numis has grown to become one of the UK's leading institutional stockbrokers and corporate advisers. It employs c 255 staff in offices in London and New York and had 208 corporate clients at end March 2018.

Stock data

Market cap.£458.5m
Last close430.00p
High / Low (52 weeks)440.0p / 231.2p
Stock market listingLN
Forecast net debt (£m)N/A
Forecast gearing ratio (%)N/A

Price performance

Relative *3.75.779.1

* % Relative to local index

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Company news

Y/E Sep Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 112.3 30.0 32.5 22.4 19.2 N/A
2017A 130.1 36.0 38.3 25.9 16.6 N/A
2018E 144.5 38.4 37.8 26.2 16.4 N/A
2019E 147.7 39.2 38.6 27.3 15.8 N/A

Last updated on 25/06/2018

Investment summary

Numis made good progress in H118. Overall revenues were up 42% compared with H117 and just 5% below the particularly strong second half last year. Capital markets showed the strongest advance from the prior year period at +94% closely followed by advisory, +86%. Equities revenues were virtually unchanged, reflecting a moderate reduction in trading profit and a slight increase in institutional income. The implementation of MiFID II in Numis’s second quarter has so far been navigated without obvious adverse impact. While costs did increase significantly (+27%) reflecting both variable compensation and investment in new staff, the operating margin increased and pre-tax profits rose 87% to £19.5m. In June, Numis won the Extel award for best UK small and mid-cap broker for the 6th year in a row.

Last updated on 29/06/2018

Industry outlook

Investment in people and platforms to support future growth and our expectation of lower portfolio gains restrains our earnings estimates for the moment but healthy deal pipelines, continued growth in the corporate client base (208 companies end H118) and the strong balance sheet are positive indicators for the future, subject to market fluctuations.

Last updated on 29/06/2018

Key management

Andrew Holloway, Finance director

Company address

10 Paternoster Square
United Kingdom
+44 (0)20 7260 1000
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