Share Name Share Symbol Market Type Share ISIN Share Description
Afh Financial Group Plc LSE:AFHP London Ordinary Share GB00B4W5WQ08 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 315.00p 11,176 09:47:32
Bid Price Offer Price High Price Low Price Open Price
310.00p 320.00p 316.00p 315.00p 315.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 50.66 7.79 16.00 19.7 134.0

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Date Time Title Posts
20/5/201915:45AFH Financial with charts202
11/8/201512:26AFH Financial Group3

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Afh Financial Daily Update: Afh Financial Group Plc is listed in the General Financial sector of the London Stock Exchange with ticker AFHP. The last closing price for Afh Financial was 315p.
Afh Financial Group Plc has a 4 week average price of 306p and a 12 week average price of 306p.
The 1 year high share price is 415p while the 1 year low share price is currently 306p.
There are currently 42,547,130 shares in issue and the average daily traded volume is 47,542 shares. The market capitalisation of Afh Financial Group Plc is £134,023,459.50.
jrr1: Does anyone know if shore capital have offered a share price target ?
glasshalfull: Good morning folks, I’m currently writing up the constituents of my (fantasy football) portfolio & now getting round to “The Consolidator”...AFHP. The table below doesn’t copy over v well from Twitter so here is a direct link for anyone interested. HTTPS:// (#5) AFHP (AFH Financial) – The Consolidator * Share Price 315p * M/Cap £134.2m * Enterprise Value £115.9m * Shares in Issue 42.6m * Stock Rank 35 (Quality 53 / Value 35 / Momentum 41)   Background AFH Financial Group provide independent financial advice & wealth management services to over 20,000 clients across the UK. They currently have over £5bn of Funds Under Management (FUM) & are effectively a smaller version of St James’s Place (STJ) a £6bn m/cap. Due to increased regulation, the sector has observed considerable consolidation in recent years with AFHP one of the most active consolidators, greedily buying businesses up at a valuation that works out at 4 x post-completion EBITDA & therefore each acquisition is IMMEDIATELY earnings enhancing from Day 1. They made 16 x acquisitions in 2018 & 4 x in 2019 so far. They always acquire on an earn-out model with 50% up-front & 50% via deferred consideration based on increased targets. The deferred pay-out ratio is very high at 90% (or an overall 95% of total consideration) which highlights successful integration & forms a great reference point for potential vendors. Alongside this acquisitive growth they augmented this through the delivery of 13.6% organic growth in FY18. Margins, Profitability & Earnings up significantly The beauty of this buy-build model is the synergistic benefits of shared central costs & thus the cost base of AFHP is rising at a far slower pace which is reflected in the fantastic op. profit margin improvement that has become evident in recent years: - • 2015 – 8% • 2016 – 9% • 2017 – 11% • 2018 – 16% • 2019e – 18% The undernoted table highlights their enviable financial performance & current forecasts DO NOT factor in any further acquisitions, which we can expect with a degree of certainty as The Consolidator of 20 x acquisitions completed in the last 15 months & with over 1,400 IFA businesses in the sector there’s plenty to go for. We know any acquisition will be earnings enhancing from the off. Yr end Oct Revenue PBT Dil EPS 2015 £21m £1.6m 5.5p 2016 £24.1m £2.0m (+25%) 6.6p (+20%) 2017 £33.6m £3.5m (+75%) 10.3p (+56%) 2018 £50.7m £7.8m (+123%) 14.6p (+42%) 2019e £81.5m £14.3m (+83%) 24.7p (+69%) 2020e £89.0m £16.3m (+14%) 28.0p (+13%)   Worthwhile commenting on the share price which fell considerably in Q4 2018 in line with the general market turbulence at the time…but has failed to recover in line with peers & the market. The CEO noted that their Protection Business (£10m revs) is not correlated to the market & grew organically by +30% in FY18 while the investment management side is impacted slightly on the basis that if the FTSE All Share falls by 1%, there is a 0.4% impact on FUM. The share price peaked at 415p in mid-Sept 2018 & has lost (-100p) or (-24%) in the last 6 months despite forecasts being upgraded following positive FY18 results with a confident outlook & also an UPGRADE on their 3-5yr timeframe KPI’s issued in 2017 targeting £5bn FUM / Rev £75m / EBITDA margin 20% due to the fact they achieved 2 out of 3 KPI’s after ONLY 2yrs with the revenue target set to be achieved in FY19. So, the new 3-5yr KPI’s are targeting £10bn FUM / Rev £140m / EBITDA margin 25% which is further reflection on their confidence following a positive start to FY19. In conclusion, AFHP’s earnings growth has been meteoric for the last 3yrs & they are on course to deliver +69% EPS growth in the current year through double digit organic growth & also acquisition. I have used the Diluted EPS rather than Adjusted EPS in my calculations but even on the lower metric they are on a PER 12.5 & shares look fantastic value & a great risk/ reward investment at the current share price IMHO. Also worth pointing out that they’ve ramped up the dividend annually by 30-50% in recent years from a low base, with div yield of 2.8% now approaching a meaningful return.   Kind regards, GHF
quepassa: Very good piece of research released this morning by Edison on peer group competitor Lighthouse Group. Importantly, Edison give sector comparisons where AFH compares very favourably to sector in terms of 2018 p/e of 15.6x against a sector average of 14.4x. However Edison given a forecast 2019 p/e of just 10.5x for AFH against a sector average of 14.4x which would make AFH look particularly cheap. Indeed, the cheapest forecast 2019 p/e in the whole sector by some considerable margin. This makes the current share price look particularly compelling and may point to significant room for upwards momentum to bring it into line with sector average. In terms of dividend yield, it must be admitted AFH lag the pack with a yield of 1.8% against a significantly higher sector average yield of 3.3%. Nonetheless, AFH is a strong growth stock and this year management have increased shareholder dividend by a massive 50% and re-stated their commitment to a PROGRESSIVE dividend policy. Edison also give a favourable Background and Outlook for the whole sector and whilst commenting that current macro uncertainties are generally a dampener, comment that "there are a range of longer-term factors that seem likely to prove favourable for the financial advice industry". ALL IMO. DYOR. QP
woolybanana: Great figures but the share price barely moves. What is going on?
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