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An unfavourable environment weighs on QUILTER PLC, which sees a downgr...
The independent financial analyst theScreener just requalified the general evaluation of QUILTER PLC (GB), active in the Asset Managers industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date February 4, 2022, the clo...
- Warwick Bam
Quilter | A waiting game
Quilter Plc is underperforming peers in 2019 YTD due to the loss of 12 Investment Managers in Quilter Cheviot in Q3'18. The pending platform migration (completion in H1'20) remains an overhang on operating performance as advisors refrain from adding new clients. The sale of Quilter Life Assurance (QLA) will reduce operating profit (AOP) by c.15% in FY'20 but the proceeds (c.GBP425m) add balance sheet flexibility. Share buybacks represent the best use of capital for Quilter considering the stock...
- David Talpert
- Harry Botha
- Warwick Bam
Avior Financials | Standard Bank results | Nedbank meeting notes | Inv...
Standard Bank reported a positive set of H1 ‘19 results as diluted HEPS increased 5.7% y/y. Despite the pressures on SBK's SA operations, we believe SBK's operations outside SA will continue to support upper single digit to low teens Group earnings growth over the next three years. We met with Nedbank management (RBB, CIB, Wealth and Rest of Africa teams, and Group management) yesterday and provide our meeting notes. Investec announced yesterday that the Group has received all necessary reg...
- Warwick Bam
Scaling up
Quilter Plc (QLT) is aggressively scaling its financial advice network, raising its restricted financial planner headcount by 19% CAGR since H1'16. QLT has systematically acquired two of the largest UK advice firms in H1'19 (Lighthouse and Charles Derby). QLT disclosed 14 acquisition within the Private Client Advisers business in FY'18 alone. QLT's investment in distribution and replatforming is softening its earnings growth for FY'19f (AOP -6.3% y/y). Advice acquisitions require 12 to 24 months...
- Warwick Bam
Quilter | Delivering growth
Quilter Plc (QLT) has returned 13.8% since listing on 25 Jun '18 (JALSH: 1.18%, FTSE: -3.14%). QLT's FY'18 results positively surprised as Adjusted Operating Profit (AOP/share) rose 16% y/y due to a lower effective tax rate, an improved revenue margin and tighter cost control. UK Investor confidence has fallen to multi-year lows. QLT's Q4'18 net flows reduced to GBP0.6bn from an average of GBP1.3bn per quarter since Q1'15. The outlook for QLT in 2019 is challenging. We expect depressed flow...
- Harry Botha
- Warwick Bam
Quilter | Right place, right time
Quilter Plc (QLT) is a modern financial services company in the UK wealth management market. The Group's core offering uses financial advisers to target affluent customers with investable assets between GBP100k to GBP5m. In our view, QLT will benefit from structural growth in the UK pension market created by regulatory change, an ageing population and a growing advice gap. We expect QLT to deliver 13% CAGR in Adjusted profit between FY '17 and FY ‘20f, comprising 9% growth in average assets...
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