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Shore Capital Group (SGR)

Business description

Shore Capital Group is an independent investment group with three main areas of business: Capital Markets, Asset Management and Principal Finance (on-balance sheet investments). It has offices in Guernsey, London, Liverpool, Edinburgh and Berlin.

Stock data

Market cap.£52.9m
Last close245.00p
High / Low (52 weeks)285.0p / 205.0p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(2)(14)7.7
Relative *(1.2)(12.1)5.7

* % Relative to local index

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Company news

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2016A 39.4 6.3 2.4 5.8 42.2 6.4
2017A 41.9 6.9 4.6 12.8 19.1 4.2
2018E N/A N/A N/A N/A N/A N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 19/07/2018

Latest research

Navigating uncertainty

Update | Financials | 11/04/2017

Progressing in uncertain markets

Update | Financials | 26/09/2016

Modern day merchant bank

Initiation | Financials | 09/05/2016

A Shore thing

QuickView | Financials | 21/04/2010

Investment summary

In FY17 SGR recorded overall revenue growth of 6% and reported PBT of £4.6m, 24% ahead. Stripping out balance sheet impairments (which were down from £2.7m to £1.9m) adjusted PBT increased 27.5% to £5.1m. Capital Markets saw a small reduction in turnover reflecting the mix of business in an active year which saw additions to its corporate client base. Increased costs in preparation for MiFID II resulted in lower divisional profits at £5.2m vs £6.8m. The Asset Management division performed very strongly with AUM up 5% to £865m, revenue up 24% and profits more than 50% ahead at £3m. In the Principal Finance area the loss was reduced. Adjusted EPS rose 53% to 20.5p and the full year dividend doubled to 10p. Recent transactions (June/July) include a £200m secondary placing for Playtech, the IPO of Cake Box and a secondary placing for Motorpoint (£22.5m).

Last updated on 27/07/2018

Industry outlook

Equity markets have rallied following volatility early in the year and are broadly unchanged ytd and this, together with SGR’s own successful development of its franchise in corporate finance and growth in asset management, are positive factors prospectively. H118 results are likely to be announced towards the end of September.

Last updated on 27/07/2018

Key management

Howard Shore, Chairman
Michael Van Messel, FD

Company address

Bond Street House
14 Clifford Street
London
W1S 4JU
France
01481 724 222
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