Retail bond issue oversubscribed
| Market Data: Mkt Cap (£m): 565.6 Sector: FTSE sector: Financials |
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| Valuation: The upgrades to our 2017E figures suggest that Burford remains undervalued relative to its potential. The prospective P/E for 2017E is just 9.7 times. With the additional investment we believe an RoE in the 15-17% range is sustainable while still growing its invested capital quickly.. |
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| Risks: The investment portfolio has some very large investments, which means revenue may be volatile. As the company matures we would expect that to decrease, but not to disappear. As expected, revenue from the insurance business is declining post the adoption of the Jackson reforms. |
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| Investment summary: Burford has already demonstrated an impressive ability to deliver good returns in a growing market while investing its capital base. As the invested capital continues to grow, the litigation investment business should continue to produce strong earnings growth. |
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