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AFHP Afh Financial Group Plc

0.00 (0.0%)
02 Oct 2023 - Closed
Delayed by 15 minutes

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Afh Financial Investors - AFHP

Afh Financial Investors - AFHP

Share Name Share Symbol Market Stock Type
Afh Financial Group Plc AFHP London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.0% 475.00 01:00:00
Open Price Low Price High Price Close Price Previous Close
475.00 475.00
more quote information »

Top Investor Posts

Top Posts
Posted at 01/3/2021 08:54 by quepassa
Doesn't surprise me.

Pretty obvious in my view as to why - at the 59th. minute of the 11th. hour- AFH are postponing today's Meetings to vote on the 463p offer.

Would you postpone/adjourn the meeting because you thought the vote on the 463p offer would:

A) Fail

B) Pass

C) Some other reason.

I know what I think.

Moreover, AFH have not said that they are CANCELLING the meeting but POSTPONING/ADJOURNING it.

That sounds like they are still hopeful and planning to have one in due course....

And if in the meantime certain parties were minded to make certain changes to the offer, those changes will in my opinion need to be MEANINGFUL CHANGES to alter the sentiment of certain investors compared to the terms of the original offer.

Posted at 24/2/2021 16:03 by quepassa
New article just published a few hours ago today in Investors Chronicle headed:-

"AFH Takeover on a knife-edge"

The article says that Investors Chronicle have received confirmation from Slater Investments that they HAVE VOTED AGAINST the takeover in respect of their 13% holding.

Link herewith:-


Knife edge??

My personal view is that the bid is more dead in the water at 463p than knife-edge.

I would find it hard to believe that the only institution to have come to the same decision to vote against is Slater Investments.

Posted at 31/1/2021 19:51 by quepassa
27th. January. Article in Investors Chronicle headed " AFH Financial accepts cheap bid"


Article finishes " Though the board seems keen, a better offer shouldn't be entirely ruled out. Hold and await documents at 456p".

In my opinion, these are wise words.

....and hopefully prescient words..........

Posted at 26/1/2021 14:56 by quepassa

It is interesting to peruse FULL DOCUMENTATION for THE BID APPROACH which has now been posted to the AFHWM corporate web-site.


It is interesting therein to reflect carefully upon those parties 1)which have given Irrevocable Undertakings and 2) those parties which have not.


On the basis of the shareholder list on the AFHWM web-site as at 11/12/20, it is interesting to note that the following HAVE NOT GIVEN IRREVOCABLE UNDERTAKINGS;-

Slater Investments 12.11%
Merian Global 4.96%
Northern Trust 4.89%
Lombard Odier 4.59%
Polar Capital 3.8%
Rorema Beheer 3.67%

There may have been some (minor) changes to this shareholder list since 11/12/20 as an RNS today announced that Otus Capital Management have acquired a stake of 4.14%.

It would seem in my view, that if for example:-

Slater, Polar and Merian

-as small-cap specialists, jointly representing some 21% of voting rights,

were hypothetically all to vote against the recommendation, that the bid would likely fail.

In my view, small independent investors accounting jointly for significantly more than 4% would be highly likely to vote against.

This would equate to a combined blocking vote of more than 25%.

It seems to me that the institutional investors which have not given Irrevocable Undertakings are in a very strong position to ensure that they and all shareholders get the very best deal - whether that means AFH remains listed and continues on its strong growth path or the offeror is forced to table something more realistic.

Posted at 26/1/2021 13:22 by quepassa
I have not heard a single word of positive feedback from any investor, whether private or institutional, since yesterday's derisory 463p bid was announced.

It appears to me that there is a very strong likelihood that SIGNIFICANTLY MORE THAN 25% of shareholders will vote against the recommendation.

On this basis, I believe that the current terms of the bid are destined to failure.

If the current bid collapses,so be it. And I hope it does.

The prospects and outlook for AHF - as outlined only last week by both the Chairman and the CEO- are very encouraging indeed and would in my view undoubtedly lead over time to a far better outcome for shareholders than accepting a low-ball bid from a predatory USA private equity company.

Posted at 24/2/2020 19:42 by johnthespacer
Just because of a general market sell off. This has had a good run recently so investors taking some off the table is to be expected in turbulent times
Posted at 07/2/2020 07:27 by rivaldo
Tipped overnight on Master Investor....

"AFH Financial is going for growth
By Mark Watson-Mitchell
06 February 2020

Now with over £6.2bn assets under management, this group is aiming for £10bn, writes Mark Watson-Mitchell.

Established way back in 1990, this company, which joined AIM in 2014, has grown significantly, especially over the last few years as it tucked more companies into its fold.

The company announced its end-October 2019 final results a couple of weeks ago, they reported the sixth consecutive year of strong revenue and earnings growth since it came to the market.

Today the Bromsgrove, West Midlands based group AFH Financial (LON:AFHP) has 12 offices across the UK and counts over 200 independent financial advisers amongst its ranks. It has over £6.2bn of assets under management, having grown 40% in the last financial year alone.

The group has three main operating subsidiaries: AFH Wealth Management; AFH Private Wealth; and Eunisure.

AFH Wealth Management’s IFAs provide financial planning-led wealth management advice and a variety of services to the UK’s high net worth private client market. They also act for a number of corporates. It is this division that handles the £6.2bn AuM.

AFH Private Wealth is possibly more exclusive in its services, in so much as it appoints personal dedicated client executives to handle special wealth management support and advice for the group’s more discerning investor clients.

Eunisure has a network of more than 300 protection advisers across the UK. Health, lifestyle and income – this company provides its clients with affordable insurance solutions to cover what they need to value and protect.

The group has some 42.8m shares in issue, of which 13.2m are held by boss Alan Hudson and his board.

Large holders include Slater Investments (10.65%), Lombard Odier (6.34%), Northern Trust (5.09%), Merian Global Investors (4.99%), BMO Global (3.96%), Polar Capital (3.83%), and Rorema Beheer (3.70%).

The policy of growth by both organic expansion and strategic acquisition is very evident when you look at the group’s revenue and profit record over the last three years. From sales of £33.6m in 2017, to £50.6m in 2018 and up to £74.3m for the year to end-October 2019.

Operating profits in that period rose from £3.73m in 2017 to £7.94m in 2018 and up to £14.0m last year.

The profit after tax was up 82% to £10.8m in 2019, pushing earnings up from 16.0p to 25.4p per share. Conservatively the dividend rose just 33% to 8p per share.

Trading in the current year remains strong and the group has plenty of cash to meet requirements. Estimates for net income this year suggest £12.1m and then up to £14.6m next year. The growth continues.

The group’s three to five-year strategy is very clear: it aims to have AuM of £10bn producing some £140m of revenues and operating on a 25% underlying EBITDA margin on revenue (last year it was up from 20.6% to 23.2%).

Based on its previous record I do believe that all of those targets look totally achievable.

Liberum Capital and Shore Capital, joint brokers to the company, both rate the shares as a ‘buy’ and, after the recent results, Liberum has actually raised its sights from 484p to 569p.

The whole of the financial sector, especially those companies with funds under management, is seeking strong growth and as such I do feel that AFH could become a predator’s target. And it is valued at only £165m.

With its shares currently trading at around the 388p level, they look like a cheap growth stock to me.

Cautiously, I now set my end-2020 target price at 480p."
Posted at 23/1/2020 13:56 by rivaldo
Here's the IC's Buy tip:

"Tip Update: Buy at 385p
By Alex Newman

AFH Financial (AFHP) reported “steady progress” towards its long-term goals this week, as the financial planning-led wealth manager unveiled stable margins, a 40 per cent rise in funds under management, and another leap in revenues in its October year-end financial statement.

Earnings also strengthened, thanks to a switch in the revenue model within the group’s protection broking division. Here, underlying cash profits doubled to £5.4m, while the gross margin ticked up from 44 to 54 per cent.

That has also boosted cash generation, which should provide further evidence to investors that AFH’s historically acquisition-dominated strategy can be self-funded. On this front, discernment has been the watchword, as management concentrates on technology investments and organic revenue growth.

Should an attractive takeover target appear, then the post-period signing of a £12m loan facility with HSBC has given the group flexibility to move quickly and avoid the need to tap the equity market. Chief executive Alan Hudson reports a strong pipeline of potential deals, but has relaxed his valuation criteria from four to five times’ cash profits for larger high-quality candidates.

Broker Liberum expects adjusted earnings of 32.7p per share for the year to October 2020, and 36.8p in FY2021.

IC View

Though AFH shares have rebounded strongly since their autumn lows, they continue to trade at just two times’ broker Liberum’s sales forecast for the current financial year. Leverage is under control, target valuations are not rising, and the demand for local independent financial advice remains under-supplied. This is a strong growth story: buy."
Posted at 20/1/2020 10:56 by rivaldo
A couple of extracts from Liberum's update this morning:

"In FY19 AFH delivered 8% organic net flows and revenues are up 47% yoy. The revenue model change in Protection responds to investor concerns and leads to significantly increased cash conversion. In addition, the FY results also show operational improvements are being delivered as acquisitions are integrated. The share price has recovered in recent months but we believe AFH continues to offer significant value.

Improved outlook for the sector has helped a sector re-rating and we increase our TP to 569p from 484p, implying 48% upside. BUY."

"3-5 year targets on track

The 3-5 year targets of £10bn FUM, £140m of revenue and an underlying EBITDA margin of 25%, announced in Jan 2019, have been reaffirmed and we believe these are on track to be met in 5 years.

Remains undervalued

Despite the share price recovery in recent months we believe AFH will continue to re-rate as it focusses on improving FCF. Our TP increases by 18%, driven by the sector re-rating reflecting an improved outlook."
Posted at 15/10/2019 11:04 by quepassa
Significant shareholding changes since 9/8/19

I took a print-out of shareholdings on 12/9/19 and have compared them to currently listed shareholdings on the AFH web-site as at 27/9/19, about seven weeks later.

These are the big sales/reductions in shareholdings:-

Polar Capital have reduced from 7.10 to 3.83% ( minus 3.27%)
Merian Global have reduced from 5.60% to 4.99% ( minus 0.61% )

However, there are some big purchases/ increases as well

Lombard Odier have increased from 3.83% to 6.34% ( plus 2.51%)
Philip Mobberley has increased from 6.94% to 7.99% (plus 1.05% )

Perhaps most importantly, other key investors have been steadfast with their holdings such as:

CEO remained at 15.32%
Slater Investments remained at 9.99%.

The big seller between 9/8 and 27/9 has been Polar Capital but offset by other buyers with no management selling at all.

Not sure why Polar have been selling down - and perhaps they have continued to do so- but maybe this has had a negative impact on the share price in recent time.

Overall however, somewhat re-assured that most investors have been steadfast or significantly increasing like Lombard Odier.

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