Share Name Share Symbol Market Type Share ISIN Share Description
Afh Financial LSE:AFHP London Ordinary Share GB00B4W5WQ08 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 185.00p 180.00p 190.00p 185.00p 185.00p 185.00p 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 24.1 2.0 7.2 25.8 44.75

Afh Financial Share Discussion Threads

Showing 26 to 50 of 50 messages
Chat Pages: 2  1
DateSubjectAuthorDiscuss
21/3/2017
09:01
Very impressive to see how quickly the Placing was taken up and that it was oversubscribed. A very encouraging sign. One hopes that there will be: 1. No significant further shareholder dilution in the foreseeable future- and 2. That the Founder will not further dilute and sell down his stake in AFHP. ALL IMO. DYOR. QP
quepassa
20/3/2017
09:48
Very encouraging to see the Company continuing to grow through propsed acquisition. However the ongoing further equity dilution may or may not be to every shareholders' taste. ALL IMO. DYOR. QP
quepassa
03/3/2017
08:26
Good, strong AGM statement. Encouraging to see reconfirmation of - trading prospects -a positive start to the year -combined with a very optimistic tone. -intention to grow business further and make further acquisitions. -further increases in Assets Under Management. Compared to the market ratings for Mattioli Woods, it seems to me that AFH looks particularly cheap. ALL IMO. DYOR. QP
quepassa
21/2/2017
10:25
Yep, more careful though rapid growth. Good news.
woolybanana
21/2/2017
08:19
Rapid growth continues and Assets Under Management continue to increase apace. This is another positive development as AUM provide an increasingly large and stable source of repeat income. Excellent news. ALL IMO. DYOR. QP
quepassa
10/2/2017
13:35
Is there a quiet revaluation going on here? Just popped in to get a few more.
woolybanana
09/2/2017
08:42
These Revenue/Turnover GROWTH figures for AFH are off the graph Year end 2012 £5m (approx) 2013 £8m (approx) 2014 £15m (actual) 2015 £21m (actual) 2016 £24.13 (actual) Percentage Turnover Increase/Growth 2013 +60% 2014 +87% 2015 +40% 2016 +15% Over 4 years average increase in T/O approx 50% pa If they can keep up an increase in turnover of, say, 15-20% pa, this is a rocket-ship. Given their stated growth strategy in a sector overdue for consolidation, it may be wholly achievable in my opinion. Anyone read Jim Slater's Zulu Principle? ALL IMO. DYOR. QP
quepassa
08/2/2017
13:47
Dividend History since 2014 IPO: Final Divi Year ending: 2014 1.5p 2015 2.25p (+50%) 2016 3.0p (+33%) And this is what they said in the recent January results: "The Directors intend to continue the progressive dividend policy set out in my previous reports..." Excellent increases in dividend with a firmly stated ongoing dividend policy of further progressing the divi payout. Doubled the divi in two years. - Not many companies can claim to have done that. The Management clearly recognise that dividends are important for building shareholder loyalty and the benefits of establishing a strong record and history of paying shareholder dividends in the financial markets. ALL IMO. DYOR. QP
quepassa
08/2/2017
13:15
Took profit elsewhere, popped it in to this share; seems to have a nice niche that has plenty of scope. Share well off the radar though may just be about to move north.
woolybanana
08/2/2017
08:10
AFH are very serious about expansion, acquisition and growing their business. They launched a website called Sell An IFA:- www.sellanifa.co.uk Interesting to read. ALL IMO. DYOR. QP
quepassa
07/2/2017
10:50
An astonishing 15% percent increase in revenues which is supported by a highly confident outlook and a forecasts of "excellent prospects" for 2017. The Profit after tax up by an astonishing 43%. Very, very strong growth figures. Highly acquisitive. Actively consolidating a highly fragmented industry which will be stimulated by Government initiatives to make individuals more responsible for their own pensions and financial affairs. The Company's strong performance is underscored by the whopping 33% increase in dividend which is significant and further supported by the Company's repeated stated strategy of a progressive dividend policy. Very positive figures. The Company is clearly gaining strong forward momentum since its 2014 IPO in a changing industry which is overdue for consolidation. Personally, I think AFH has some very bright prospects, an increasingly strong cash position, a significantly growing dividend, surging revenues and profitability combined with highly motivated and incentivised management and massively increasing funds under management. I think this Company is very exciting and with big potential to grow and outperform. Building positions whilst still off the radar. ALL IMO. DYOR. QP
quepassa
06/2/2017
12:30
agree with WJ, not exciting and I feel there is some bedding in risk in taking on numerous small addition.. Time may tell but for me time to move on.
puku
02/2/2017
16:52
Still way off the radar this one; not a bad thing IMNVHO. But it is building nicely. Fingers crossed.
woolybanana
31/1/2017
13:33
Hopefully you're right.
wjccghcc
31/1/2017
12:29
Hi WJ Missed your post yesterday. Not much traffic here and doesn't look like many others doing any analysis. Some of the advisers are retiring, they make mention of this in the commentary. Only a couple of bolt acquisitions last year so I wasn't reading much into this. Essentially I see it as one of cutting costs (rationalisation of clients per advisor) as they build out their geographic reach, & envisage better revenue per advisor & improved margins as a result. Once they utilise more of the placing monies then we should see EPS ratchet up by 15-20% as they only acquire on an earnings enhancing basis. I think we'll observe enhanced earnings & that the PER will eventually track this...hopefully the market will also award it a higher rating in time if they can deliver consistent earnings growth. So a double whammy that will lead to a re-rating of the shareprice. Time will tell... Kind regards GHF
glasshalfull
30/1/2017
15:53
Hi GHF. I didn't find their finals particularly exciting. Despite the acquisitions, their number of IFAs reduced from 158 a year ago to 143. Why? Their cashflow (ignoring capex on intangibles where they don't split between acquisitions and capex) was okay but also not enough to make them look cheap. I kind of get the sense they're buying up lots of small mature/declining IFA businesses and not growing much organically and there's not a lot of obvious synergies. Not expensive but not very cheap either and I don't see what's likely to engineer a rerating - apart from the presence of your good self of course :-)
wjccghcc
30/1/2017
15:02
Results out as per expectations with management retaining a positive outlook. Clearly off the radar for most investors. The company note current year as "providing excellent prospects." It indicates that it will "continue to actively seek appropriately priced opportunities during 2017 to expand its captive distribution," supported by strong cash reserves of £6.7m Liberum update, "FY16 results were in line with our forecasts on key profitability metrics, while the dividend was marginally ahead of our expectation. The percentage of recurring revenue increased to 68% (versus 65% in the prior year). The outlook statement is strong, with AFH indicating "excellent prospects" ahead and a continued focus on acquisitions to extend its national reach. We continue to like this new breed of wealth manager/adviser and see scope for AFH to outperform the industry in terms of net inflows and maintaining and growing its margin. AFH trades on a FY17 (Oct YE) PE of 11.8x, falling to 9.3x and yields 2.2% rising to 2.8%" Regards, GHF
glasshalfull
28/1/2017
17:46
AFHP I've taken a modest position here prior to results, which I'd imagine will be announced in the next few days. The AFHP shareprice has remained at the same level for the last 13 months despite the positive noises emanating from the company. My main rationale for an investment at this juncture was that they have delivered high levels of recurring revenue (c. 66%) and the benefits of operational gearing is becoming apparent with gross margins rising to 55% from the 50% level 2-years ago; cash generative with strong revenue visibility; delivering CAGR of 26% & shares sitting on undemanding PER of 11 for the current year (which is considerably lower than most peers) while offering a dividend yield of 2.1% for 2017. AFHP also announced they had £6.7m cash as at 31.10.2016 in a t/s released last year flagging 2016 FY results. Brokers Liberum replaced Allenby in summer 2016 and initiated coverage with a price target of 205p. They intimated that:- "...The group has produced sector-leading FUM (Funds Under Management) growth which we expect to continue as the market consolidates. This, together with reliable margins, high revenue visibility and an in-house discretionary offering leads us to believe a positive rerating will follow." and "...AFH is taking advantage of. 66% recurring revenue 90% of net organic FUM flows are into discretionary business and already two-thirds of revenue is recurring. As the business grows we expect this contribution to increase. Scalable business Revenue per adviser has grown from £88k in 2012, to £143k in 2015. Further gains have been made in H1'16, increasing to an annualised rate of £156k, +30% YoY." I'd imagine the shareprice stagnation is down to market expectations of some earnings accretive acquisitions failing to materialise following the £6.1m placing (@ 165p) in December 2015. In fairness to the company, they had ambitions to acquire Lighthouse Group for £17.3m in March 2016 but were rebuffed almost immediately. In the absence of any deals the company effectively diluted their own earnings in 2016 through the increased number of shares in issue and a cash pile waiting to be deployed, so earnings growth will be somewhat depressed in the year gone. Since Oct 2016 we've been advised that they are now putting some of the £6.7m cash to use with 4 x small bolt on acquisitions: - CRS - £25m FUM - for £379k cash (£664k max consideration) This acquisition was made prior to 31 Oct 2016 year end. Rushden- £16.5m FUM - for £158k cash (£298k max consideration) Aberdeen Wealth - c.£22.8m FUM for £294k cash (£557k max consideration) Shield - c.£21.2m FUM for £272k cash (£520k max consideration) These 3 x acquisitions were made in Q1 2017 so will benefit 2017 earnings with 9 months contribution. So effectively they've spent £724k initial cash consideration since the year end, adding £60m FUM and increasing their geographic coverage at the same time. Notwithstanding these acquisitions, AFHP also indicated via the Nov 2016 trading update on delivering double digit organic growth in FUM, which had exceeded £2billion at the end of FY 2016. Liberum has 10.9p Adj EPS for 2016, with +25% growth to 13.7p EPS in the current year for a PER of 11.8. Hardman go for 10.6p Adj EPS rising to 13.1p EPS this year for 24% earnings growth. They also note the disparity between AFHP's price and that of their peers in the Nov 2016 note which is available via AFHP's website:- "AFH (12.6x 2017e, Market cap to AUM 2%) trades at a significant PE and market cap to FUM discount to its closest competitor (Harwood at 23.4x, 4.4%) and well below the average for wealth manager businesses (at 16.6x, 2.5%). The full deployment of cash already raised for deals may be expected to see our estimates increase by 15-20% making the valuation even more attractive." Overall, I like the story and feel that the stagnant shareprice of the last 13 months provides a decent entry point given the organic growth in the period and recent deployment of their cash pile which will hopefully underpin earnings expectations for the current year. Let's see what release of 2016 FY results brings in the next few days & if the outlook is similarly bullish to that mentioned in November's trading statement. Kind regards, GHF
glasshalfull
19/1/2017
13:06
It is similar to the small local restaurant and the big chain of restaurants taking it over. Handling, as you say, is critical. IMNVHO! TH
woolybanana
19/1/2017
12:48
fully agree that handover of existing clients is vital and that relationships count enormously. if handled smoothly, correctly and gently, it is however conceivable that existing clients may benefit greatly and be encouraged and/or comforted by being with a much larger group that can additionally offer in-house funds management services and much improved/deeper support and training for their IFA's. let's hope that AFH prioritise a smooth hand-over and place strong importance on those existing relationships. ALL IMO. DYOR. QP
quepassa
19/1/2017
12:34
I agree with you there, but my reservation about the local touch remains
woolybanana
19/1/2017
12:00
AFH continues to expand and increase Assets Under Management. A growing force to be reckoned with in the highly-fragmented IFA industry. AFH is a long-overdue and much needed industry consolidator. ALL IMO. DYOR. QP
quepassa
19/1/2017
11:06
Basically, they are buying client lists and goodwill and replacing existing agents with their own. That final part is dangerous as it is the personal touch in man of these small firms that counts. This transition needs careful handling.
woolybanana
12/1/2017
15:16
as you say - off the radar. I bought in October. A bit disappointed that first acquisition only just been done, plus funds under management up only 10 % from year end, after a 44% surge. Will await Results and review, 200p target seems reasonable.
puku
13/12/2016
10:44
Government Regulatory changes open up great new opportunities for long-standing industries. In this case the ground-breaking Pension Reforms announced over the last few years and especially the Pension Freedoms announced in 2015. All of this feeds into more and more people requiring/needing/having to take Independent Financial Advice. This is at a time when banks/insurance companies/ annuity providers are running scared of giving any advice whatsoever (for fear of miss-selling) and frequently demand written third party evidence from an authorised IFA that formal advice has been taken by any given individual. It seems to me that the historically staid IFA arena is in for a major stimulus driven by: 1. The enormous Governmnent changes to Pension freedoms. 2. The reluctance/refusal by banks/pension providers/insurance to give advice - although they are very happy to handle the business once independent advice has been taken. 3. The arrival of work-place pensions. 4. The Government wanting to get people to take more responsibility for their own pension arrangements. 5. Surging longevity 6. Relatively complex Pension options and difficult jargon which still baffle most people. and we have a firm which is rapidly consolidating a highly fragmented industry. If they get it right, AFH may be set for exponential growth. Their fund management side is burgeoning. Their IFA fee-based advisory services will undoubtedly be in increasingly greater demand. Listen to straight-talking CEO, Alan Hudson:- http://www.afhfinancialgroup.com/html/media.html ALL IMO. DYOR. QP
quepassa
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