Edison Investment Research - Record (REC) Record - Scene set for marked profit improvement

Report

Edison Investment Research

Pedro Fonseca

Record - Scene set for marked profit improvement

After a period of muted progress, in early 2020 Record adopted a new strategy with an emphasis on growth. Since then, work on new product development, diversification and management succession has progressed. The existing strengths of the business have been sustained, underpinning H221 net inflows of $10bn, mainly from a new dynamic hedging mandate, and the group ended the year with assets under management equivalent (AUME) at a new high of $80.1bn. Against this backdrop, the group continues to modernise by investing in its staff, IT systems and new products. FY22 is set to see much fuller benefits of these changes.

23/06/2021 1 EN

Underlying

Record

Record is an independent currency manager delivering currency solutions. Co.'s clients are mainly institutions, including pension funds, charities, foundations, endowments, and family offices, as well as other fund managers and corporate clients.

See profile

GB00B28ZPS36 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Analysts

Pedro Fonseca

Other Reports on these Companies

Edison Investment Research

Record - Robust interim results with strategic progress

Record’s interim results (H125) were robust and assets under management equivalent (AUME) reached a new high level. There are clear signs of progress with the company’s strategic refocus on core products that can grow, diversify and enhance the quality of earnings. The launch of the new Infrastructure Equity Fund, with €1.1bn of initial commitments, is a significant step forward, with further initiatives in the pipeline.

December 12, 2024 December 12, 2024 1 EN

SmartInsider

Record: 1 director

A director at Record sold 100,000 shares at 64p and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members alon...

Free Trial

September 25, 2024 September 25, 2024 1 EN

Edison Investment Research

Record - Strong performance fees

Record reported steady progress in its Q125 trading update. Assets under management (AUM) grew $0.5bn in the quarter to $102.7bn, driven by market and other movements of +$1bn offset by a modest net $0.5bn outflow. The AUM progression is in line with our end-FY25 estimate of $104.7bn. Performance fees surprised positively at £1.6m in the quarter, not much below our £2m estimate for the full year. We are not changing our estimates at this stage.

July 29, 2024 July 29, 2024 1 EN

OPAP - Winning strategy

OPAP enjoys a leading and growing position in the Greek and Cypriot gaming markets. The majority of its revenue, from land-based activities, is supported by exclusive prepaid licences. To complement these activities, OPAP has developed a strong presence in the regulated online markets, where, by definition, there is greater competition. Management’s strategy is to grow its customer interactions in both the online and offline worlds, through a combination of rejuvenating its older games and developing new games that appeal to broader demographics, while maintaining its leading corporate and soc...

December 20, 2024 December 20, 2024 1 EN

Pedro Fonseca

Pedro Fonseca

Patria Private Equity Trust - High liquidity and solid long-term track record

Patria Private Equity Trust’s (PPET’s) distributions from its primary fund investments have increased recently, supported by a revival in private equity (PE) deal activity. Its portfolio valuations continue to be validated by uplifts upon exits, which in the nine months to end-June 2024 averaged 23.3% (in line with the long-term average of 25%). Valuations and liquidity were also assisted by the successful £180m secondary sale in October 2024 at a limited 5% discount to carrying value. While PPET’s 12-month NAV total return (TR) to end-October 2024 (based largely on end-June 2024 valuations) w...

December 20, 2024 December 20, 2024 1 EN

Kate Heseltine

Kate Heseltine

MoneyHero - Emphasis on driving margin

MoneyHero’s Q324 results show revenues up 6% y-o-y (9M24 +18%) and a smaller adjusted EBITDA loss, as expected. The important element of the narrative, though, is the emphasis on driving revenues in higher-margin product areas and increasing operating efficiency within the business. Group CFO Hao Qian has resigned to return to China, with the group FD, Danny Leung, stepping up on an interim basis. The market opportunity remains substantial, and with customer data now on a unified platform, MoneyHero is well placed to deliver improved outcomes for both providers and end consumers. Our forecasts...

December 20, 2024 December 20, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Record - Scene set for marked profit improvement

Record - Robust interim results with strategic progress

Record: 1 director

Record - Strong performance fees

OPAP - Winning strategy

Patria Private Equity Trust - High liquidity and solid long-term track record

MoneyHero - Emphasis on driving margin

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe