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
  -42.00p -3.49% 1,160.00p 1,159.00p 1,160.00p 1,233.00p 1,129.00p 1,200.00p 1,459,560 16:35:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 59.0 46.1 21.4 49.0 2,372.73

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Date Time Title Posts
17/12/201712:13BURFORD CAPITAL :::::::::::::::::::::::::: Litigation Funding1,741
17/12/201709:48BUR Charts128
15/8/201412:33BUY 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 1,202p.
Burford Capital Limited has a 4 week average price of 1,099p and a 12 week average price of 993p.
The 1 year high share price is 1,258p while the 1 year low share price is currently 537.50p.
There are currently 204,545,455 shares in issue and the average daily traded volume is 288,258 shares. The market capitalisation of Burford Capital Limited is £2,372,727,278.
jonwig: Liberum - We continue to believe in the longer term growth story for Burford, as the leader in the burgeoning litigation finance market. However, based on the combination of 1) downgrades to 2017/18 forecasts, largely due to the timing of performance fees, 2) today's disappointing news that the GKC principals will be leaving the business and 3) recognizing the incredibly strong share price run ytd, up 110%, we believe the shares are now trading around fair value. I'm surprised at that conclusion by Liberum: the GKC principals are entrepreneurial and want to open and run their own 'boutique' outfit rather than be only a part of the decision-making process within a £2.5bn company. The RNS makes it clear that they are going to do just that.
lawdawg759: Can anyone provide insight as to what happened to the share price between 1:20 and 1:26 p.m. (GMT)? Why would there be such a sharp drop followed by an immediate return to the share price? A similar phenomenon happened on May 3. Thanks in advance. - LD
jonwig: IMF Bentham - I think the first to float in Australia. The share price has increased about 12-fold since 2002, but by only 60% since 2011 (when Burford floated). It has barely moved in the past three years. I haven't looked at the accounts.
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
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. -
Burford Capital share price data is direct from the London Stock Exchange
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