Burford Capital (BUR)

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Company name:	Burford Capital Limited
EPIC:	BUR	Trading Currency:	GBX
Market Sector:	ASM6	ISIN:	GG00BMGYLN96
Market Segment:	AMSM	Share Type:	DE
WWW Address:	http://www.burfordcapital.com/	Description:	ORD NPV (DI)
Industry Sector:	EQUITY INVESTMENT INSTRUMENTS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
761.00	-26.5 [-3.37]	766.00	767.50	781.00	781.50	755.50	313,568
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
1,663.93	218.65	0.74	58.77	9.14	12.95	1.20	969.50 - 574.50

Burford Capital Key Figures

(at previous day's close)
Market Cap.	1,663.93	m
Shares In Issue	218.65	m
Prev. Close	787.50
PE Ratio	12.95
Dividend Yield	1.20	%
EPS - basic	58.77	p
Dividend PS	9.14	p
Dividend Cover	-
Cash Flow PS	60.44	p
Return On Equity (ROE)	10.10	%
Operating Margin	58.45	%
PEG Factor	-0.68
EPS Growth Rate	-19.18	%
Dividends PS Growth Rate	199.76	%
Net Debt	516.60	m
Gross Gearing	37.70	%
Quick Assets	295.16	m
Net Working Capital	-	m
Intangibles / Fixed Assets	5.77	%
Turnover PS	119.41	p
Pre-Tax Profit PS	69.79	p
Retained Profit PS	57.44	p
Cash PS	107.78	p
Net Cash PS	107.78	p
Net Tangible Asset Value PS *	523.78	p
Net Asset Value PS	568.61	p
Spread	1.50 (0.20%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Burford Capital Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	806.50	755.50
4 weeks	866.00	733.00
12 weeks	882.00	733.00
1 year	969.50	574.50

Share Price Chart (5 years)

Burford Capital Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	785.50	-24.50	-3.12	755.50	0.16		784.44
4 weeks	743.50	17.50	2.35	733.00	0.23		809.25
12 weeks	870.50	-109.50	-12.58	733.00	0.24		800.75
26 weeks	843.50	-82.50	-9.78	714.00	0.26		799.66
1 year	775.50	-14.50	-1.87	574.50	0.38		752.74
3 years	1,400.00	-639.00	-45.64	251.00	0.97		873.45
5 years	504.50	256.50	50.84	251.00	0.84		979.55
† periods calculated are whole weeks rather than calendar months

Burford Capital Key Management Ratios

Burford Capital Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	5.29
PE Ratio	12.95
Tobin's Q Ratio	0.62
Tobin's Q Ratio (excl. intangibles)	0.65
Dividend Yield	1.20	%
Market-to-Book Ratio	1.34
Price-to-Pre-Tax Profit PS	10.90
Price-to-Retained Profit PS	13.25
Price-to-Cash Flow PS	12.59
Price-to-Sales PS	6.37
Price-to-Net Tangible Asset Value PS	1.45
Price-to-Cash PS	7.06
Net Working Capital PS	-
Price Pct to Working Capital PS	-	%
Earnings Yield	7.72	%
Average PE	10.50
Years in average	5
PE to PE average	123.27	%

Burford Capital Financial Ratios

(Leverage Ratios)
Debt Ratio	37.70	%
Debt-to-Equity Ratio	0.61
Debt-to-Equity Ratio (excl. Intgbl)	0.66
Debt-to-Equity Market Value	0.45
Net Gearing	25.89	%
Net Gearing (excl. Intangibles)	27.23	%
Gross Gearing	37.70	%
Gross Gearing (excl. Intangibles)	39.64	%
Gearing Under 1 Year	-	%
Gearing Under 1 Year (excl. Intgbl)	-	%
Assets/Equity	1.61
Cash/Equity	18.95
(Liquidity Ratios)
Net Working Capital to Total Assets	14.79	%
Current Ratio	-
Quick Ratio (Acid Test)	-
Liquidity Ratio	-
Cash & Equiv/Current Assets	79.84	%
(Solvency Ratios)
Enterprise Value	2,180.52	m
CFO/Sales	0.51
CFO/Attributable Profit	1.05
CFO/Assets	0.07
CFO/Debt	0.18
Total Debt/Equity Market Value	0.45
Total Debt/Sales	2.88
Total Debt/Pre-Tax Profit	4.93
Total Debt	752.25	m
Total Debt/Net Current Assets	2.55	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	8.19	%
10 yr Compound Earnings Growth	24.40	%
Earn drops > 5% in 10yrs	4

Beta (60-Mnth)	Beta (36-Mnth)
0.7387	0.5585

Burford Capital Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	7.65	%
Return On Assets (ROA)	4.67	%
Net Profit Margin	48.10	%
Assets Turnover	0.10
Return On Equity (ROE)	10.10	%
Return On Investment (ROI)	4.67	%
Dividend Payout Ratio	15.94	%
Plowback Ratio	84.06	%
Growth from Plowback Ratio	6.53	%
Net Income Of Revenues	48.10	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.16
Fixed Assets Turnover	0.11
Current Assets Turnover	0.65
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	10.30
Debtors-to-Sales	39.70	%
Debt Collection Period	144.92	Days

Burford Capital Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
09 Sep 2021	Interim	USX	6.25	31/12/2020	31/12/2021	11/11/2021	12/11/2021	02/12/2021	-
24 Mar 2021	Final	USX	12.50	31/12/2019	31/12/2020	27/05/2021	28/05/2021	18/06/2021	12.50
25 Jul 2019	Interim	USX	4.17	31/12/2018	31/12/2019	14/11/2019	15/11/2019	05/12/2019	4.17
13 Mar 2019	Final	USX	8.83	31/12/2017	31/12/2018	23/05/2019	24/05/2019	14/06/2019	12.50
25 Jul 2018	Interim	USX	3.67	30/12/2017	30/06/2018	08/11/2018	09/11/2018	05/12/2018	-
14 Mar 2018	Final	USX	7.95	31/12/2016	31/12/2017	31/05/2018	01/06/2018	22/06/2018	11.00
27 Jul 2017	Interim	USX	3.05	30/12/2016	30/06/2017	19/10/2017	20/10/2017	15/11/2017	-
14 Mar 2017	Final	USX	6.48	31/12/2015	31/12/2016	25/05/2017	26/05/2017	16/06/2017	9.15
27 Jul 2016	Interim	USX	2.67	30/12/2015	30/06/2016	06/10/2016	07/10/2016	28/10/2016	-
23 Mar 2016	Final	USX	5.67	31/12/2014	31/12/2015	26/05/2016	27/05/2016	17/06/2016	8.00
28 Jul 2015	Interim	USX	2.33	30/12/2014	30/06/2015	01/10/2015	02/10/2015	23/10/2015	-
18 Mar 2015	Final	USX	7.00	31/12/2013	31/12/2014	07/05/2015	08/05/2015	01/06/2015	7.00
31 Mar 2014	Final	USX	5.23	31/12/2012	31/12/2013	21/05/2014	23/05/2014	16/06/2014	5.23
11 Apr 2013	Final	USX	4.76	31/12/2011	31/12/2012	22/05/2013	24/05/2013	17/06/2013	4.76
04 Apr 2012	Final	USX	3.66	31/12/2010	31/12/2011	18/04/2012	20/04/2012	23/05/2012	3.66
23 Mar 2011	Final	USX	2.22	31/12/2009	31/12/2010	06/04/2011	08/04/2011	17/05/2011	2.22

Burford Capital Fundamentals

	31 Dec 2017 (USD)		31 Dec 2018 (USD)		31 Dec 2019 (USD)		31 Dec 2020 (USD)
turnover	342.61	100.00%	401.20	100.00%	366.04	100.00%	356.97	100.00%	m
pre tax profit	249.18	72.73%	305.11	76.05%	225.52	61.61%	208.64	58.45%	m
attributable profit	249.30	72.77%	317.58	79.16%	212.11	57.95%	171.70	48.10%	m
retained profit	229.46	66.97%	293.00	73.03%	183.68	50.18%	171.70	48.10%	m
eps - basic	119.72		105.70		97.00		78.40
eps - diluted	119.55		150.30		96.60		78.00
dividends per share	11.00		12.50		4.17		12.50

Burford Capital Balance Sheet

	31 Dec 2017 (USD)		31 Dec 2018 (USD)		31 Dec 2019 (USD)		31 Dec 2020 (USD)


	31 Dec 2017 (USD)		31 Dec 2018 (USD)		31 Dec 2019 (USD)		31 Dec 2020 (USD)
ASSETS
fixed assets	2.40	0.16%	1.87	0.08%	20.18	0.76%	14.59	0.53%	m
intangibles	161.71	10.79%	152.16	6.56%	142.70	5.38%	134.03	4.91%	m
fixed investments	1,098.19	73.24%	1,639.97	70.72%	2,089.99	78.81%	2,176.12	79.76%	m
current assets - other	33.93	2.26%	41.45	1.79%	37.97	1.43%	48.55	1.78%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	67.70	4.52%	217.98	9.40%	174.52	6.58%	32.81	1.20%	m
cash & securities	135.42	9.03%	265.55	11.45%	186.62	7.04%	322.19	11.81%	m

TOTAL	1,499.35	100%	2,318.98	100%	2,651.98	100%	2,728.29	100%	m

LIABILITIES
creditors - short	66.63	4.44%	172.86	7.45%	-	-%	-	-%	m
creditors - long	634.16	42.30%	782.97	33.76%	-	-%	-	-%	m
creditors - other	-	-%	-	-%	1,118.99	42.19%	1,028.48	37.70%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	700.79	46.74%	955.83	41.22%	1,118.99	42.19%	1,028.48	37.70%	m

EQUITY
ord cap, reserves	798.56	53.26%	1,363.15	58.78%	1,532.99	57.81%	1,699.81	62.30%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	798.56	53.26%	1,363.15	58.78%	1,532.99	57.81%	1,699.81	62.30%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Burford Capital Cash Flow Statement

	31 Dec 2017 (USD)	31 Dec 2018 (USD)	31 Dec 2019 (USD)	31 Dec 2020 (USD)
Operating CF	-102.32	-233.31	-8.31	180.67	m
Pre-Financing CF	-160.84	-233.42	-11.70	180.31	m
Retained CF	-24.48	131.46	-79.13	135.10	m

Burford Capital Brokers

Name	Activity	Type	Mnemonic	Code
THE ROYAL BANK OF SCOT N.V.	Market Maker(MME)	Broker/Dealer	RBSM	ABNAGB22
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Goldman Sachs International	Market Maker(MME)	Broker/Dealer	GSCO	GSILGB2X
Investec Bank Plc	Market Maker(MME)	Broker/Dealer	INV.	IHCSGB21002
Jefferies International Ltd	Market Maker(MME)	Broker/Dealer	JEFF	JEFFGB2X
J.P. Morgan Securities Ltd	Market Maker(MME)	Broker/Dealer	JPMS	JPMSGB2L
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Numis Securities Limited	Market Maker(MME)	Broker/Dealer	NUMS	RAZHGB2LBIC
Royal Bank of Canada Europe	Market Maker(MME)	Broker/Dealer	RBCE	ROYCGB22
Citigrp Global Mkt UK Equities	Market Maker(MME)	Broker/Dealer	CITI	SBUKGB21
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
Seymour Pierce	Market Maker(MME)	Broker/Dealer	SEYP	SPBTGB21
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC