Burford Capital (BUR): Strong evidence that fair value is fair
In the aftermath of a dramatic period, Burford has provided additional disclosure that greatly improves understanding of its fair value process and its conservatism. The timing of when fair value adjustments are made has been well explained previously, with clearobjective criteria. How the amount of each valuation change is determined has also had some clarification, with an objective core overlaid by adjustments that involve some judgement. Detailed data have also been provided on the 20 concluded cases that have had adjustments of $1m or more. All this adds considerably to the belief that Burford’s fair value is prudent.
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