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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.£49.6m
Last close230.00p
High / Low (52 weeks)285.0p / 200.0p
Stock market listingLN
Forecast net debt (£m)21.2
Forecast gearing ratio (%)341
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual7.0(3)(19.3)
Relative *4.2(4.8)(17.7)

* % Relative to local index

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Company news

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 39.4 6.3 2.4 5.8 39.7 N/A
2017A 41.9 6.9 4.6 12.8 18.0 N/A
2018E 42.2 5.2 4.1 11.5 20.0 N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 29/01/2019

Latest research

Diversified business model

Update | Financials | 14/12/2018

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

H118 results benefitted from the diversity in the group’s activities. Normal fluctuation in activity levels and the introduction of MiFID II meant lower revenue and profit for Capital Markets. However, a very strong performance from Asset Management (and lower central costs) more than made up the shortfall allowing both revenues (+6.5%) and pre-tax profit (+2.8%) to move ahead for the group. With a lower tax rate EPS increased by 11%. SGR has confirmed that it is in discussions with Stockdale Securities regarding a potential acquisition. Stockdale FY18 revenues were £11.4m and PBT £1.5m; it has c 60 corporate clients and was valued (September 2018) by its largest shareholder, Somers, at £7.5m.

Last updated on 01/02/2019

Industry outlook

Increased equity market volatility has created a more challenging background for SGR and particularly for Capital Markets with potential delays in equity issuance and M&A activity. Nevertheless, activity continues and, notably, Shore Capital was appointed as joint broker to Marks & Spencer (Dec). A resolution of some of the macro uncertainties could prompt a bounce-back in corporate activity. Asset Management appears well positioned to grow further and is looking to use its track record in private client tax-efficient products for institutional investors.

Last updated on 01/02/2019

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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