London, UK, 5 May 2022

Gresham House (GHE): Initiation — ESG specialist manager delivering its strategy

Gresham House has a strong position in alternative asset management with a sustainability focus, areas that are expected to experience continued strong growth. Many of the real assets managed are deemed to offer a measure of inflation protection. Most assets managed are in long-term structures generating an average gross revenue margin of 1%. The group is ahead of schedule in delivering its five-year plan and has established a successful track record for acquisitions. Employees are aligned with shareholders, holding c 10% of the shares.

We have compared Gresham House value measures with selected peers and it trades between European and North American average P/Es and noticeably below EV/EBITDA multiples for both. A DCF model suggests the current share price implies a discount rate of over 17%, which appears distinctly cautious on the assumption that the group meets our estimates.

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