Share Name Share Symbol Market Type Share ISIN Share Description
Burford Capital Limited LSE:BUR London Ordinary Share GG00B4L84979 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +2.50p +0.32% 782.50p 775.00p 790.00p 782.50p 780.00p 782.50p 19,639 12:33:36
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 59.0 46.1 21.4 31.9 1,600.57

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Date Time Title Posts
28/4/201712:55BURFORD CAPITAL :::::::::::::::::::::::::: Litigation Funding758.00
15/8/201413:33BUY and HOLD in Burford Capital (BUR)-
16/11/201109:29Burford Capital12.00
08/12/201021:16Forecast eps of 96p in 2007 so PE is 88.00
21/10/200923:11Burren - Charts & Fundamentals20,213.00

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Burford Capital Daily Update: Burford Capital Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker BUR. The last closing price for Burford Capital was 780p.
Burford Capital Limited has a 4 week average price of 740p and a 12 week average price of 627.50p.
The 1 year high share price is 842.50p while the 1 year low share price is currently 292.50p.
There are currently 204,545,455 shares in issue and the average daily traded volume is 677,405 shares. The market capitalisation of Burford Capital Limited is £1,600,568,185.38.
jonwig: The business, profits and assets might be counter-cyclical, but the share price needn't be!
nigelmoat: On 17th February (post 626) I predicted a share price of £8 by results day. Taken a couple of extra days to achieve but nice to now be here. Still more upside to follow so won't be selling my holding any time soon. All imo/dyor.
kirkie001: I presume the data to support my following assumption isn't available - but given the timing of the rise in the share price, I assume that the US is underpinning the interest in the share following the results yesterday?
greek islander: Amazing results very pleasing, holding out lots of promise of more to come. However, expectations here were already very high and I am not sure that anything less than a 200% increase in revenue would have pushed the share price much higher. Over the next few weeks other new investors will hear about this stock which I am sure will go from strength to strength. The forthcoming presentation which should underline the longer term prospects should persuade more investment and lead forward to a higher valuation.
kirkie001: What do I think the price reaction will be next Tuesday? Well, I think the results will be stonking. But I think the price will drop by 5-10% as hot money exits. Remember, the price is up by more than 200% in a year, and by about 50% in the last 3 months alone - this share isn't the unknown quantity it was a year or two ago, it's now a pretty big cap (albeit AIM listed) deal. So - better to travel than to arrive, etc etc - I think it's more likely than not that the share price will drop. That said, am I selling out? No chance. I'm notorious for being unable to predict short term price movements, and long-term, I think the business model here is a great investment. So let's see!
greek islander: Just more than trebled my holding in BUR today - unusually buying at the top as I am predicting a massive boost at the results due soon. If my hunch is right then this one could really soar. A stock that has been under the radar until very recently has potential for a big surge in the PE and consequently the share price. A big gamble for me, as I have sold a big holding in riding high Fevertree to finance this.
winsome147: That's old news from last week. And it's not really an issue of much significance for Burford. This litigation financing is in relative infancy and Burford don't back the flimsy and opportunistic class actions that courts don't want to encourage. So the share price rockets to 750p and falls back to level it was 9 trading days ago on low volumes. Why look for reasons for it? Just MM's trying to generate trades. Hold and forget. I'm in for the long term. Their cases typically take 2 yrs to pay out. Not a business for short termists. Was almost tempted to sell some at 400p, 500p and recent levels and glad I didn't. Once we hit my target of 1200p in a few years' time (or sooner if the price keeps getting a bit ahead of itself) I'll think about selling half.
jonwig: Is this the reason the share price rose strongly last Friday? Http:// The statement is full of hedges and disclaimers, but taking the transaction at face value, a 10x multiple of the original $18m investment suggests adding around 60p/sh to the potential assets of BUR. That's assuming it was on the books at the original value. Of course, it's not "real" before settlement and payout which isn't imminent, but I doubt the share price will fall today. EDIT: or is it 70% of that - ie. around 42p?
davebowler: Liberum; Burford Capital Record first half results Event Burford Capital has produced a record set of first half results with an 88% increase in income and a 117% uplift in operating profit. We calculate a NAV total return of 16.1% for H1 2016 of which 12% is due to operating profits and 4% is due to FX gains. Litigation finance investments were again the main driver of returns and accounted for 85% of income generated in the period. Litigation finance income rose 110% compared to H1 2015. $193m of new commitments were made in H1 2016 with more than 90% of these in portfolios and complex structures. Cash generation in the period was strong at $99m which included $33m from a long-standing receivable regarding an Arizona real estate case which generated a 415% return on invested capital. Recent FX volatility is a positive for Burford as the company's assets are denominated in US Dollars and the liabilities (retail bonds) are denominated in Sterling. We estimate a fall in the GBP/USD FX rate from 1.50 to 1.30 would save the company $2.4m in interest p.a., reduce the debt liability by $38m and increase the Sterling value of the assets by £73m. The interim dividend has been increased by 15% to 2.67 cents. Liberum view This is a stellar set of interim results from Burford and should provide further momentum for the share price which is trading at all-time highs. Burford's business is moving from strength to strength with real progress particularly in the litigation finance investment portfolio. Assuming a repeat of the strong portfolio performance in H2 2016, the shares currently trade at c.10x 2016 earnings and at a c.103% premium to book value.
winsome147: Anyone else think this is great Value share?? - My case for investing... Last year I bought the shares at 122p and also their newly issued 6.5% bonds. I have done well so far and I am now intending to break my rule of limiting any holding in my portfolio to 5% by buying even more Burford shares. Here's why... I have a good understanding of the business that they are in mainly due to personal experience of a class action lawsuit that involved litigation financing but I think many investors currently steer clear because they do not understand the business and Burford are also somewhat off the radar. This, IMO, has made the company overlooked and undervalued at the current price of 142pps. Their business is quite simple really. Just read their case studies on their website. I firmly believe they are at the ethical end of litigation financing (dubious personal injury claims being at the other). They provide funding to claimants and law firms who could not otherwise commit to legal action. They only fund claims where their experts have assessed the merit and strength of them. In other words, they back potential likely winners – claimants who have clearly been wronged by a 3rd party and seek redress. I think that backing deserving cases is ethical business. Of course, most of Burford's investments are in the US legal system, which is slightly different to the UK system, and investors should read Burford's explanations on how they operate. Its all on their website. Burford appears to have all the criteria that meet a sound investment – strong and reputable management, good financials, a leader in their field, not capital intensive, recession proof and, as an added bonus, currently trading near to (or below IMO) current NAV. I think this company is actually priced below its current NAV. So, OK, they report a NAV to end of 2014 at 187c per share, which equals roughly to 124p per share. However, directors admit there is a hidden asset currently building in their Munich Re account amounting to nearly $12m. They also only value their investments in litigation, etc, at the original investment value, booking gains only on realisation. So not only is the book value potentially greater, the intrinsic value is potentially much greater. Or to put it another way, if the company closed to new business today and realised gains from 95% of investments in, say, 4 years time, the cash available to shareholders could be well over 200p per share if future success rates match the past. Its impossible to guess just how much above that figure the ultimate value of its current investments could be. Their investments are tradeable and rise in value as they mature. So they could even sell up tomorrow and return much more than current NAV to shareholders. But Burford is not closed for business. Its operating margin and ROE are impressive and they are reinvesting profits at an exponential rate. The more cases/portfolios they invest in, the more the revenue should even out in coming years. The current forecast for 2015 profits is flat. However, that is meaningless as brokers cannot predict when and how cases settle. What I do notice for the 2014 accounts is that the amortisation that has reduced the (still fantastic profits) in the last two years has now reduced to zero. It was nearly $10m for 2014 but there will be none next year, unless Burford make a big acquistion this year and have to write off more goodwill. So even if revenue is flat, there will still be a big boost to eps and net profit although there will be higher tax charge (a small price to pay). Burford is a market leader. The management appear to be very experienced and reputable and have a financial interest in the business. These factors are very important to me. I also like the tone of their latest annual report and I like the apparent honesty and realism in their language. It is a recession-proof business and the share price was not knocked at all by the stock market wobble in Oct 2014. People sue in good or bad times. Burford state that they have no current intention to spend extra money moving their listing from AIM to the main market. I'm hoping that they will reconsider in a few years time if they continue to perform well and grow in size because they would automatically enter the FT250 if they do transfer to the main market. For me there is so much to like about Burford. Nothing is a sure bet. They have had one or two big investments turns sour but they are now able to spread risks more. They now have over 100 investments rather than just the handful they started with. No legal claim is a sure thing and they will not recover money from every single investment. The biggest risk is future legislation by the US govt that may hinder Burford's future operations but there are no signs of that happening. The UK govt made some changes re litigation insurance via the Jackson reform but I hope that, with litigation being almost a way of life in the US, the govt there are not so uptight about litigation funding. With more investment returns already likely received or pending during the first 3 months of 2015, together with the potential hidden value in the Munich RE account I'm guessing the current book value as of today is actually close to 140p per share. And that is before you even take into account the intrinsic value of claims they have invested in that are already maturing or have risen in market value since they originally committed to them. What I also like is that this is not a capital intensive business in that they do not have to invest in expensive equipment or other fixed assets. Just office rent and salaries. They also do not need to make expensive acquisitions. They can grow organically and I hope they do. So Burford are paying me 6.5% on my bonds to then invest that money in cases which return 60% op profit and 17% ROE and they also pay me a 3.4% dividend. If this continues and they continue to invest and recoup at an exponential rate then I can see the share price doubling within a few years and hopefully, in best case scenario, join the FT250 at some stage and enjoy a further re-rating. Neil Woodford's fund holds 6.7% of Burford. Another positive. I laugh to myself when I think that this BB is very quiet while the BB's of duff companies such as Quindell are buzzing. Maybe investors are put off by what they think is long and protracted investment in court cases but they would be wrong. The nature of the vast majority of legal claims settle before reaching court, and within 2 to 3 years after being brought. I think probably less than 5% of Burford's cases reach protracted court proceedings. Certainly in the UK over 90% of all commercial legal claims are settled via mediation or otherwise, thus never going to court. So I rate this as a great VALUE buy and intend to pick up more shares in this company which gives me a good margin of safety in a recession-proof business paying a decent dividend and growing at exponential rate without need of depreciation or amortisation along the way that hits the profits and NAV of the average listed company. I'd be interested to read comments from others. Have I missed anything I should be considering?
Burford Capital share price data is direct from the London Stock Exchange
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