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Afh Financial Group Plc (AFHP)
Afh Financial Group Plc (AFHP) Share Price

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
	0.00	0.0%	475.00	0.00	01:00:00

Bid Price		Offer Price	High Price	Low Price	Open Price

Last Trade Time	Trade Type	Trade Size	Trade Price	Currency
-	O	0	475.00	GBX

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Date	Time	Title	Posts
26/6/2021	07:42	AFH Financial with charts	651
07/1/2021	15:34	AFH Financial Group	7

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Posted at 26/6/2021 07:42 by quepassa 1. Monies now received on the AFH take-over @ 480p per share 2. For those interested in the wealth management sector. Tavistock Investments has risen strongly this year. Currently trading around 5p, their broker Allenby Capital has given a SUM OF PARTS valuation at 14p per share. ALL IMO. DYOR. QP Read Full Thread Follow Reply
Posted at 15/6/2021 16:17 by quepassa Tavistock currently trading at 4.5p. Allenby Capital have today put out an Update on Tavistock (available on their website) which says: " SUM of Parts a conservative 14p per share ". ALL IMO. DYOR. QP Read Full Thread Follow Reply
Posted at 15/6/2021 08:42 by quepassa The share price surge at Tavistock Investments continues. Further positive news this morning via RNS about excellent trading and a significant return to profitability combined with announcement of acquisition of Chater Allan Advisory. With the sale and delisting of AFH about to happen, my top pick in the small-cap Wealth Management sector is now Tavistock Investment. Tavistock has a lot, lot further to run. ALL IMO. DYOR. QP Read Full Thread Follow Reply
Posted at 14/6/2021 08:16 by quepassa POST 643 of 9th. April refers re TAVISTOCK. Tavistock are up 80% this morning but the share price is not yet up with events. ALL IMO. DYOR. QP Read Full Thread Follow Reply
Posted at 04/6/2021 12:18 by quepassa Two weeks until D-Day for AFH on 17th June when the Effective Date and share suspension occur. Payment within 14 days of 17th. June Read Full Thread Follow Reply
Posted at 09/4/2021 11:39 by quepassa Penny share Tavistock Investments is VASTLY UNDERVALUED by the market in my view. It has a solid £1.1billion of Assets Under Management but a market cap of just £16million. Consider that AFH has been bought for £247million for £6billion AUM. The difference in the valuation multiples is astonishing. Even allowing for the smaller size of Tavistock, it looks to me to be significantly undervalued. ALL IMO. DYOR. QP Read Full Thread Follow Reply
Posted at 04/3/2021 08:19 by quepassa It is interesting to read the varying conditionality which attaches to the new so-called IRREVOCABLE UNDERTAKINGS. -See Schedule 2 at the foot of Tuesday's RNS. Some shareholders have given IRREVOCABLE UNDERTAKINGS such that they will only retract their irrevocable commitments to support the 480p BidCo offer if a competing offer MORE THAN 10% HIGHER at 528p is received and BIDCO doesn't match it within 7 days. But in the case of AFH's biggest shareholder, Slater Investments, IF A COMPETING BID OF JUST ONE PENNY HIGHER AT 481p IS TABLED, SLATER WILL RETRACT THEIR SO-CALLED IRREVOCABLE UNDERTAKINGS unless BidCo match it within 7 days. If all it takes is just ONE PENNY to make SLATER INVESTMENTS potentially jump ship, it doesn't say much or give a lot of faith about the fair value and attractiveness of revised 480p bid in my view. In my opinion 480p remains a very poor offer. Shareholders would get a far better return on their investment over time in my view if AFH either:- 1. Remain independent and carry on their growth path, or 2. Await the likelihood of a better price in a fast improving UK market from an industry buyer or from one of the rapidly proliferating and acquisition-hungry SPACs. I reiterate that I intend to VOTE AGAINST the revised bid. ALL IMO. DYOR. QP Read Full Thread Follow Reply
Posted at 25/1/2021 10:43 by quepassa IN MY OPINION THIS IS NOT A GOOD DEAL IN ANY WAY FOR SHAREHOLDERS. THIS OFFER OF 463p SIGNIFICANTLY UNDERVALUES THE FUTURE GROWTH PROSPECTS OF BURGEONING AFH. THE SHARE PRICE HAD ALREADY HIT 430p EARLY LAST YEAR PRE-PANDEMIC. AND ON THAT BASIS REPRESENTS A MEAGRE 7% PREMIUM COMPARED TO A YEAR AGO. THE TABLED 463p IS IN MY VIEW A DERISORY AND TOTALLY UNACCEPTABLE OFFER. BIDCO NEED 75% TO PASS THE VOTE. - AND THEY CURRENTLY HAVE NOTHING LIKE THAT - A MERE 33% I WILL MOST CERTAINLY NOT BE VOTING IN FAVOUR OF THIS LOW-BALL OPPORTUNISTIC BID FROM A PREDATORY USA PRIVATE EQUITY FIRM. THIS IS, IN MY VIEW, A BAD DEAL FOR SHAREHOLDERS AND UNLESS A SIGNIFICANTLY INCREASED BID (WHETHER FROM CORTINA OR ANOTHER BUYER) IS TABLED, I WILL BE VOTING AGAINST. THIS BID SHOULD IN MY VIEW GET THE RESPONSE IT DESERVES FROM SHAREHOLDERS - A RESOUNDING NO AND A BIG THUMBS-DOWN. ALL IMO. DYOR. QP Read Full Thread Follow Reply
Posted at 13/2/2020 15:03 by quepassa Dex, It would appear, au contraire, that the AFH model works very well indeed - and this is perhaps why St. Jimmy's may or may not be starting to emulate AFHP's approach and considering MAKING AN ACQUISITION according to attached article. The following fascinating and detailed article in MoneyMarketing gives details. - Money Marketing contacted St. Jimmy's about it and "SJP declined to comment". hXXps://www.moneymarketing.co.uk/analysis/under-the-bonnet-of-an-sjp-acquisition/ You will also note that the article gives a link to another article on St. James headed "SJP acquisition in Ireland falls through". More than one target. It would appear that your assertion that : "SJP grows organically with advisers bringing their own clients to SJP - rather than SJP buying/owning those clients. ..." is not the whole story and that SJP is itself perhaps an evolving story with an evolving strategy. It may also be that St. Jimmy's recognises the growing competition from the new breed of wealth-manager where AFHP is at the forefont. The 5yr share price comparison between St. James and AFH tells the story. The SJP share price has risen from 900p to 1200p , being +33%. Whereas AFHP has gone from 150p to 420p, being + 180%. It appears to me that the historic business model of St. Jimmy's is out-dated and that it is AFHP with a new approach to wealth management which is leading the way and experiencing dramatic growth as a result. ALL IMO. DYOR. QP Read Full Thread Follow Reply
Posted at 01/5/2019 11:27 by 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://twitter.com/glasshalfull1/status/1123529373284544512?s=12 (#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 Read Full Thread Follow Reply

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