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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
  2.00 0.42% 475.00 0.00 08:00:00
Bid Price Offer Price High Price Low Price Open Price
470.00 480.00 475.00 475.00 475.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 77.13 13.16 25.00 19.0 204
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 475.00 GBX

Afh Financial (AFHP) Latest News

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Afh Financial Investors    Afh Financial Takeover Rumours

Afh Financial (AFHP) Discussions and Chat

Afh Financial Forums and Chat

Date Time Title Posts
02/3/202110:30AFH Financial with charts640
07/1/202115:34AFH Financial Group7

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Afh Financial (AFHP) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-03-02 16:35:36473.004702,223.10O
2021-03-02 16:35:12473.002,19010,358.70UT
2021-03-02 16:13:06473.005002,365.00O
2021-03-02 15:01:22473.005,84027,623.20O
2021-03-02 14:00:28473.005,84027,623.20UT
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Afh Financial (AFHP) Top Chat Posts

DateSubject
03/3/2021
08:20
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 473p.
Afh Financial Group Plc has a 4 week average price of 454p and a 12 week average price of 330p.
The 1 year high share price is 475p while the 1 year low share price is currently 190p.
There are currently 42,992,038 shares in issue and the average daily traded volume is 26,701 shares. The market capitalisation of Afh Financial Group Plc is £204,212,180.50.
02/3/2021
10:00
djokovic1: Agreed QP. Since fiscal year end, the equity markets have been on a tear and AFH's AUM should be significantly higher (~10%+) already. That itself makes AFH worth 10%+ more than the offer price which values AFH as of fiscal year end. The currently deal is a low ball deal.
01/3/2021
08:54
1pvh: Looks like the sell out price has been rejected. Hopefully a higher price could be agreed, not much experience of a similar situation.
15/2/2021
09:24
quepassa: An article which appears in today's FT on page 8 goes to the very heart of the matter in my opinion as to why this is a bad offer for shareholders which goes nowhere near recognising potential future shareholder value and growth potential of AFH. The FT article, in which AFH is specifically mentioned, is headed:- "Buyout firms circle UK targets as low values beckon". and is sub-headed:- "-Stocks look a bargain against US highs" The article mentions that the UK market has under-performed in recent times and has attracted private equity houses basically trying to take advantage of these cyclically low valuations and grab something cheap . Many UK companies are mentioned such as Marstons, Aggrekko, AA, G4S, Signature Aviation, Arrow Global, Nucleus and AFH which have become targets to bids recently. See FT article for full details and context. In my opinion, this is a bad offer for shareholders who would likely see a much greater return on investment over time if AFH remained independent and followed its current growth path strategy as a listed company. I reiterate that I personally have voted AGAINST the takeover on grounds that it is a low-ball price by a predatory and opportunistic private equity house and does not represent fair value for a well-performing company with a bright future. ALL IMO. DYOR. QP
11/2/2021
16:17
quepassa: Very strong. Now offered at 468p against a 463p take-out price. Can we dare to dream that a competing offer is in the air? or Can we dare to hope that there will rightly be a massive rejection by institutions and pi's alike in voting against against the derisory OPENING 463p Cortina bid which may encourage this rich private equity house to dig a little further into their VERY DEEP POCKETS? ALL IMO. DYOR. QP
25/1/2021
14:01
quepassa: One notes that highly-regarded small-cap champion Slater Investments are the second largest shareholder in AFH and hold a 12.11% stake as at 20/12/20. One hopes that Slater use their significant shareholding voting rights wisely and reject the current/initial bid on the basis that it significantly undervalues the Company. A mere 7% uplift compared to last year's price is woefully inadequate in my view and significantly undervalues the future prospects of AFH. ALL IMO. DYOR. QP
25/1/2021
10:43
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
25/1/2021
09:38
barbello: Indeed! I reckon if conversion price is 420 then 463 is equiv to 5511
25/1/2021
09:18
barbello: Got some CULS which will prob convert at the offer price (better than redeeming I think but new to check conversion price, 430??)
13/2/2020
15:03
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
01/5/2019
10:27
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
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