Feature article: Is silver the cheapest asset on the planet? Silver is a precious metal, a monetary metal and an industrial metal with a surprisingly wide range of uses. It’s not that well understood by investors and tends to get overshadowed by gold – but, perhaps, not for much longer. We think that the provocative title of this article is justified by silver’s attractive fundamentals. The “official figures” from the Silver Institute estimate that the silver market has been in deficit for the...
Hardman & Co Research Q&A on Arbuthnot Banking Group (ARBB) | 2023 results, strategic choices paying dividends 22-Apr-2024 / 15:49 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co analyst interview | Banks Q&A on Arbuthnot Banking Group (ARBB) | 2023 results, strategic choices paying dividends Arbuthnot Banking Group (LON:ARBB) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews. Mark discusses his recent research note highlighting Arbuthnot’s successful financial year, noting a significa...
Hardman & Co Research Hardman & Co Research on Arbuthnot Banking Group (ARBB): 2023 - delivering strategy with strong profit growth 08-Apr-2024 / 15:50 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Arbuthnot Banking Group (ARBB): 2023 - delivering strategy with strong profit growth The saying goes, the proof of the pudding is in the eating. ABG’s 2023 results proved that the strategic positioning of the group, as a relationship bank, has created enormous value. Key highlights were i) PBT £47.1m (2022: £20.0m), ii) ope...
The saying goes, the proof of the pudding is in the eating. ABG’s 2023 results proved that the strategic positioning of the group, as a relationship bank, has created enormous value. Key highlights were i) PBT £47.1m (2022: £20.0m), ii) operating income £178.9m (2022: £137.4m), iii) average net margin 5.7% (2022: 5.1%), iv) EPS +103% to 222.8p, v) total dividend for the year of 46p (2022: 42p), vi) net assets of £252.4m (2022: £212.0m), NAV per share of 1,547p (2022: 1,411p), vii) CET1 ratio of ...
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol...
Feature article: Streamed content takes over…after the Great Correction of 2022 Streaming is a disruptive, content-led, subscription-based technology. Challenging all video distribution business models, it opens up global opportunities for a growing variety of content, including gaming and sport. The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported slowing subscriber growth. The slowdown in growth of subscribers led investors to refocus on ...
A director at Arbuthnot Banking Group bought 100,000 shares at 990p and the significance rating of the trade was 67/100. 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 c...
Feature article: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy - Consolidation is the new mantra. The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and t...
The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 52 constituents of the index are high-risk, still being in the development stage, with micro-capitalisations and a long way from profitability. Despite this, some companies can still make extremely...
Hardman & Co Research Hardman & Co Q&A on Arbuthnot Banking Group: Strategic progress and investments towards ‘Future State 2’ 13-Nov-2023 / 15:40 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co analyst interview | Banks Q&A on Arbuthnot Banking Group (ARBB) | Strategic progress and investments towards ‘Future State 2’ Arbuthnot Banking Group (LON:ARBB) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews. In this interview, Mark talks about how Arbuthnot Banking Group is progressing ...
This month's feature article is entitled 'Gold and a Chinese Credit Event'. A Western phenomenon? If you own, or are considering owning, gold or gold equities, it’s likely that you’re concerned about protecting your wealth, or the performance of your fund, in the expectation of some kind of financial instability. Maybe your confidence in policymakers is ebbing, or you’ve researched debt bubbles in history and concluded that physical gold and silver have been the safest places to be invested whe...
Hardman & Co Research Hardman & Co Research on Arbuthnot Banking Group (ARBB) Trading update: taking ABG to the next level 24-Oct-2023 / 15:15 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research | Banks Arbuthnot Banking Group (ARBB) | Trading update: taking ABG to the next level In our view, the key takeaway from the recent 3Q trading statement is how ABG is progressing strategically towards its “Future State 2” plan. In particular, we note i) specialist SME finance divisions generating the ambitious balance sheet growth in t...
In our view, the key takeaway from the recent 3Q trading statement is how ABG is progressing strategically towards its “Future State 2” plan. In particular, we note i) specialist SME finance divisions generating the ambitious balance sheet growth in the plan, ii) optimising the core relationship banking franchise, which, in this period, saw 7% deposit growth ‒ given the level of base rates, this is a profitable product for a relationship bank, and iii) continued investment, which, at times, requ...
19th October 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
Feature article: Liquidity – shrinking when it’s most needed A review of liquidity in London since 2016 Summary ► Liquidity is the lifeblood of equity markets. ► Following the events at the Woodford Equity Income Fund (WEIF) in 2019, professional investors, increasingly, focus on liquidity when making investment decisions. ► However, this paper shows that liquidity declined significantly between 2016 and 2022. Our work demonstrates that, in 2016, the total value traded of trading companies lis...
Feature article: Equity Income – UK or Global? Should investors widen their horizons? Introduction: ► The UK Equity Income sector (UKEI) is the fourth-largest investment company (IC) sector in the Association of Investment Companies’ (AIC) universe, with £12.5bn of assets (as at August 2023), and is the traditional home for investors looking for income in the equity market. ► The UKEI not only provides investors with a better dividend yield than the ge...
ABG’s income has been driven by the way in which it has managed its franchise – specifically, building a relationship bank with less price-sensitive deposits. Spreads have widened in a rising rate environment, despite ABG offering competitive rates to its relationship customers, and group operating income increased by 51% on 1H’22. Margins may have peaked now. We previously expressed the view that, if the base rate were sustained at 4%, or higher, there could be marketwide credit issues. The ver...
Hardman & Co Research Hardman & Co Research on Arbuthnot Banking Group (ARBB) 1H’23: steering through the interest rate wave 04-Aug-2023 / 11:15 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Arbuthnot Banking Group (ARBB) 1H’23: steering through the interest rate wave ABG’s income has been driven by the way in which it has managed its franchise – specifically, building a relationship bank with less price-sensitive deposits. Spreads have widened in a rising rate environment, despite ABG offering competitive rates to i...
Feature article: UK interest rates and “risk-free” gilts at their peak? Infrastructure stocks struggle Executive summary Infrastructure/Renewable Energy Funds ► The share price performances of the nine Infrastructure Investment Companies (IICs) and of the 22 Renewable Energy Infrastructure Funds (REIFs) have been dire over the past year. Undoubtedly, the sharp rise in interest rates has presented the sector with serious challenges, especially since the yield on “risk-free” 10-year gilts has r...
This month, we feature a contribution by Stephen Isaacs, who is known in the hedge fund world for his, often, thought-provoking commentaries about markets, economics and politics. It goes without saying that the thoughts expressed in this article are those of Stephen, and do not necessarily reflect Hardman & Co’s views. Feature article: UK/OK – muddling through The past few years have seen previously unheard-of constitutional risks – from threats to the Union to the departure from the EU. Brit...
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