Strong H1 growth and even better profits
Strong H1 growth and even better profitsHalf-year results to 30 Sept 21 (H1 22) show continuing strength in LendInvest’s growth and profitability trajectory. AUM grew 16% over H1 from £1.57bn to £1.83bn with 32% growth y-o-y (H1 21: £1.39bn). H1 revenue grew 30% y-o-y from £39.1m to £50.8m. AUM growth has continued into H2, reaching £1.9bn by 30 Nov.
However, most impressive was LendInvest’s profitability. H1 adjusted EBITDA* jumped 179% from £4.8m to £13.4.m with PAT increasing from -£0.13m to £8.3m (full year FY21 PAT £4.9m).
The balance sheet remains strong, with net assets increasing from £48.2m on 31 Mar 21 to £106.6m on 30 Sep 21. Cash and cash equivalents stood at £169.9m, however £100.1m of this is restricted for loan funding purposes. The remaining cash balance of £69.8m has increased by £52.1m over H1, with around £36m of cash (net after costs) raised via the July 21 IPO.
We believe the group is on track to achieve its medium-term ambitions: trebling AUM over the three years from FY21 to FY24, and increasing EBITDA by 3-5x. Our fundamental valuation remains 310p per share, around 57% above the current share price.
JPMorgan Chase is a financial holding company. Through its subsidiaries, the company's segments include: Consumer and Community Banking, which provides services through bank branches, ATMs, digital (including mobile and online) and telephone banking; Corporate and Investment Bank, which consists of Banking and Markets and Securities Services, provides a suite of investment banking, market-making, prime brokerage, and treasury and securities products and services; Commercial Banking, which provides financial solutions, including lending, treasury services, investment banking and asset management products; and Asset and Wealth Management, which is engaged in investment and wealth management.
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