Initiation of Coverage: Duke Capital (DUKE): Meeting customer needs, giving investors returns
DUKE’s unique product provides SMEs across diversified sectors with hybrid capital, allowing the existing team to retain control. By optimising the best of equity and debt, DUKE aims to achieve equity-type returns with debt levels of risk. The loan and participating preference share elements support DUKE shareholders’ high (2024E: 9.0%), growing (2026E: 7% above 2024), and covered dividend. Early exit fees and equity stakes should generate ongoing capital growth as the portfolio matures. PE-style due diligence before providing capital, and board participation after, reduces downside risk. Management and shareholder interests are aligned.
We are a rapidly growing, innovative corporate research & consultancy business, based in London, serving the needs of both public and private companies.
Our expert team of sector analysts and market professionals collectively have over 400 years of experience. This depth of knowledge and a reputation for integrity have built trust with investors. With effective communication and precision distribution, we help companies disseminate their investment message to interested investors, as well as advise them on strategy.
Our smaller, boutique structure allows us to provide first-class customer service and to deliver a wide range of ad-hoc services for multiple clients with different needs.
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