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
  -19.00p -1.67% 1,121.00p 1,123.00p 1,129.00p 1,177.00p 1,121.00p 1,177.00p 95,084 11:29:32
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 59.0 46.1 21.4 47.0 2,292.95

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Date Time Title Posts
20/10/201711:19BURFORD CAPITAL :::::::::::::::::::::::::: Litigation Funding1,647
19/10/201723:28BUR Charts42
15/8/201413:33BUY and HOLD in Burford Capital (BUR)-
16/11/201109:29Burford Capital12
08/12/201021:16Forecast eps of 96p in 2007 so PE is 88

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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 1,140p.
Burford Capital Limited has a 4 week average price of 993p and a 12 week average price of 993p.
The 1 year high share price is 1,250p while the 1 year low share price is currently 427.50p.
There are currently 204,545,455 shares in issue and the average daily traded volume is 455,978 shares. The market capitalisation of Burford Capital Limited is £2,292,954,550.55.
mrnumpty: Tighfist , thanks for your pleasant and helpful reply . Yes , I guess the suggestion that earnings might slightly fall is because it's felt that the Petersen award pushed earnings so high , and that it is assumed that this might not be repeated . Share price only down £ 0.01 today - might this be the resumption of share price growth ?
mrnumpty: Although not a sophisticated investor , I bought in to Burford in June 2015 at £1.50 and have maintained my holding . At the moment , the share price has fallen to £ 10.60 , giving a market cap of £ 2.19bn . On 28/7/2017 , according to the Investors" Chronicle website " Analysts at N + I Singer expect pre-tax profits of $ 240.5m for Full-Year 2017 " . At the current exchange rate , this equates to a pre-tax profit of £ 179m meaning that Burford is trading on a forward p/e of 12.23 ( without accounting for any cash on the books ) . Surely this is a very low p/e for such a growth company which also has a " moat " and which dominates its sector , notwithstanding the difficulty of accurately predicting earnings ? Separately , it seems that , on 23/8/2017 , Macquarie issued a broker note for Burford , reaffirming its " outperform " investment rating and cut its price target to £ 11.83 ( from £ 13.22 ) . However , on all websites , the Macquarie price target is still shown as £ 13.22 - does anyone have any explanation for this ? Thanks in advance .
lawdawg759: Do any of y'all have a strong opinion on the prospect of mandatory disclosure of litigation finance agreements in U.S. federal courts? Australia, New Zealand, parts of Canada, China, and Hong Kong currently have disclosure requirements and the litigation finance industry seems to function perfectly well in those jurisdictions. The U.S. Chamber Institute for Legal Reform recently renewed their proposal to amend Federal Rule of Civil Procedure 26(a)(1)(A) to require mandatory disclosure of litigation funding agreements to opposing parties as a matter of course. See: hxxp:// Proposals to amend the FRCP are frequent but seldom acted upon by the Committee on Rules of Practice and Procedure. However, Chris Bogart saw the need to respond to their proposal on behalf of Burford. He posits Burford's arguments against the Chamber's points, but fails to explain his rationale for being against mandatory disclosure. See: hxxp:// What adverse effects could disclosure have on the litigation funding industry? If agreements were made public, would it allow more for more precise valuations of companies like Burford and IMF Bentham? Could it potentially cause wild swings in share price? Other thoughts?
bestace: djderry - what makes you think there is a lot of optimism priced in? is it just the fact that the share price has gone up a lot? Reading Hardman's latest note (released yesterday), at a share price of 1087p they have the company on a current year P/E of 13. Even if you think this year is not reflective of future years due to the Petersen and Teinver cases, their forward P/Es are 23.5 in 2018 falling to 17.4 in 2019, which looks positively pedestrian when compared to some of the other high flyers around at the moment. And that is after Hardman having reduced their EPS forecasts for 2017/2018/2019 from 1.19/0.65/0.81 to 1.06/0.59/0.79 respectively.
gersemi: well done topvest, enjoy for those still holding, from IC 2 hours ago thanks to the IC crew IC Tip Update: Buy at 1088p Tip style VALUE Risk rating MEDIUM Timescale LONG TERM Our previous tip We said BUY at 415 on 06 Oct 2016 Tip performance to date 162% By Harriet Clarfelt For chief executive Christopher Bogart, Burford Capital’s (BUR) “best ever” half-year results demonstrate the “degree of demand in general for capital solutions in the legal sector”. This optimism resonated with the market: Burford’s share price rose 9 per cent on the back of stellar earnings growth. Mr Bogart also emphasised the volume of new investment commitments made by the global finance litigation firm, equivalent to $488m (£375m). Burford’s enormous pre-tax profit boost was largely driven by the sale of 25 per cent of Burford’s entitlement in the Petersen case. This lawsuit, brought by the Petersen Group against Argentina, has generated more than $100m in cash profits – five times Burford’s investment. Management noted that there were 11 investments in total which propelled Burford’s performance, though each period has seen one significant contributor to profits. In the second half, the Teinver suit (entailing another claim against Argentina) will dominate conversation. Only this week, Burford reported a “favourable investment result” for the case. Burford has also made progress in fund management, literally capitalising on its 2016 acquisition of Gerchen Keller Capital to raise a $500m litigation focused-fund. Analysts at N+1 Singer expect pre-tax profits of $240.5m for FY2017, up 69 per cent from their previous forecast, with corresponding EPS of 110.4¢ in 2016. IC View Burford goes from strength to strength, but we still see potential upside. The group has just opened in Asia and its pipeline of new business is encouraging. At 1,088p, shares are trading on a multiple of 13 times forecast earnings. Given the massive growth trajectory seen by the company already, this doesn’t seem unreasonable. Buy. Last IC view: Buy, 752.5p, 15 Mar
jeff h: Liberum:- Burford Capital (BUY, TP 1148p) - Record results exceed our expectations Burford has reported another impressive performance in the H1/17 period. Adjusted PBT represents 61% of our current full year forecast, prior to including the fair value uplift from the Argentine airlines case in H2. Investments are accelerating, such that additions were 22% ahead of the prior year, a record six-month performance. Burford's share price is up by 80% ytd, but we still believe upside remains. As today's results demonstrate, the company continues to maximise its leading position in the large and expanding litigation finance market. We reiterate BUY
jonwig: Questor in the DT. The author, Russ Mould is Investment Director at brokers A J Bell. Litigation finance is a niche area but a growing one and one company that is actively involved, so far to great effect, is Burford Capital, now the third biggest stock on Aim, the London Stock Exchange’s junior market. Burford funds lawsuits in return for a share of any compensation awarded. The company is also expanding its range by offering lawsuit defences (and taking a share of the money saved), while it can also sell a percentage interest in cases, sometimes for a healthy profit. The shares (to which the numbers in the box refer) have performed brilliantly over the past 18 months, zooming from barely 200p to nearly £10. That inevitably leads to the sinking feeling that you have “missed” this one, especially as the forward price-to-earnings ratio of some 20 times is relatively racy for a business that, by its nature, is not as transparent as some and whose earnings can be lumpy. The timing and amount of any court payments are unpredictable, while in most cases the identity of clients is kept under wraps. But there is another way to get involved in this company, which may appeal to investors who like the sound of a business whose legal skills provide a barrier to entry, and potentially lofty profits, but who would rather not take the capital risk that can come with paying high valuations for stocks. Burford has just issued a third bond on the London Stock Exchange’s Order Book for Retail Bonds (Orb). The £175m issue was very successful and the bond, whose ticker is BUR3, pays a 5pc coupon and matures in 2026. The price has increased from 100p at listing to around 101.2p, so the “yield to maturity” (in effect, the annualised total return, including the small capital loss at maturity) is around 4.8pc. Yet, as can happen with bond issues, investors may be neglecting the previous issues as they target the new one. The 6.5pc coupon 2022 bonds (BUR1), which trade at 110.5p, offer a yield to maturity of 4.2pc and the 6.125pc 2024 paper (BUR2) has a yield to maturity of 4.75pc. The latter’s yield is therefore only a fraction below the new bond’s but with two years less to go before repayment, so the rewards are very similar even if the risk is less. Patient buy-and-hold income seekers worried about the lofty valuation of the shares (and their lowly yield) may therefore like to look at the 2024 bonds. If there is an earnings stumble the shares could wobble but the bond coupons should still arrive twice a year, barring a total disaster (and in that case the share price would take the most fearful drubbing). Http:// NB. Questor is aimed at fairly cautious investors and is building up a portfolio for readers concentrating on yield. From that point of view, it's hard to disagree with the gist of the article.
gersemi: From today's IC with many thanks to S-Thompson. A bit naught I know, but if it helps to highlight the value here then we all benefit, even Mr Thompson! -- Burford Capital bond raise Investors have reacted positively to a major fundraise from Aim-traded Burford Capital (BUR:912p), a global finance company focused on investing in litigation cases: it has generated an annual internal rate of return of 27 per cent on all its completed investments. It's not short of new investment opportunities either as Burford increased new commitments by 83 per cent to a record US$378m (£295m) last year, buoyed by a 50 per cent hike in investment recoveries to a record US$216m, and by deploying the £100m of loan capital it raised last April. Interestingly, Burford's chief executive Christopher Bogart points out that "law firms and corporate clients are coming to us with needs which have evolved far beyond the single-case financing model on which this industry is founded - although that remains a core area of our business." So, to exploit this opportunity, the company has just raised £175m through an oversubscribed issue of bonds on the main market of the London Stock Exchange. The bonds pay interest at an annual rate of 5 per cent and mature in December 2026. Burford is also using part of the proceeds to repay early the $43.75m of loan notes which were issued as part of last December's acquisition of Gerchen Keller Capital, the second-largest litigation finance player in the world ('On a roll', 20 December 2016). The key point to note is that the additional long-term capital raised not only solidifies Burford's position as the industry leader - its legal finance business has more than $2 billion invested and available for investment - but it has the lowest cost of capital too. And given the high returns being generated on its litigation investments, the company can easily service the relatively low cost of its borrowings, redeem the loan capital when it matures, and recycle surplus cash flows into new cases and boost dividends for shareholders. This explains why analysts at broking house Numis Securities raised their EPS estimates by 3 per cent, 8 per cent and 11 per cent for the 2017, 2018 and 2019 financial years to 66.6¢, 92.5¢ and 113¢, respectively. They also raised their target price from 880p to 950p. In the circumstances, it's hardly surprising that the shares rallied to another all-time high of 920p after the news of the oversubscribed bond issue was announced, justifying my previous call to run profits at 810p ('On the case', 10 April 2017). Longer-term holders who bought in at 146p when I initiated coverage in the summer of 2015 are doing well too as Burford's share price is up 525 per cent ('Legal eagles', 8 June 2015), and the board has declared total dividends of 12.8p a share. True, the shares are now rated on 17.5 times current year earnings estimates, but if Burford delivers on the bumper growth expected in 2018, then the multiple drops to 12.6 times next year's earnings forecasts. Moreover, I expect investors to react positively to what will undoubtedly be an impressive first-half performance and one that will benefit from substantial investment gains following the post year-end disposal of participation interests in its investment relating to the 2012 expropriation by Argentina of a majority interest in YPF, the New York Stock Exchange-listed energy company formerly owned by Repsol, the Spanish energy major. I am also attracted by the fact that the shares have a beta close to zero, something worth considering if there is an uptick in equity market volatility in the coming months. Run profits. -
mrnumpty: Thanks all for your instructive replies concerning the influence of minuscule trades on share prices . Although not a sophisticated investor , I've been doing so for twenty or so years , with reasonable success . I was reluctant in my post this afternoon to allege any link between small trades and disproportionately large price movements for obvious legal reasons . However , it seemed SO fortunate that , just after the price of Burford recently fell back to about £ 7.20 , there were some very large purchases ! I hope you all kept your nerve during that period of share price weakness . I'm holding on indefinitely . .
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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