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% 271.00 10,992 08:00:00
Bid Price Offer Price High Price Low Price Open Price
268.00 274.00 271.00 271.00 271.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 50.66 7.79 16.00 16.9 116
Last Trade Time Trade Type Trade Size Trade Price Currency
13:27:00 O 551 271.00 GBX

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Date Time Title Posts
17/10/201913:40AFH Financial with charts389
11/8/201512:26AFH Financial Group3

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Afh Financial (AFHP) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-10-18 12:27:01271.005511,493.21O
2019-10-18 11:19:09271.00106287.26O
2019-10-18 09:49:53271.255001,356.25O
2019-10-18 09:36:30270.001,0002,700.00O
2019-10-18 09:36:26270.001,0002,700.00O
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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 271p.
Afh Financial Group Plc has a 4 week average price of 266p and a 12 week average price of 260p.
The 1 year high share price is 400p while the 1 year low share price is currently 260p.
There are currently 42,724,644 shares in issue and the average daily traded volume is 138,718 shares. The market capitalisation of Afh Financial Group Plc is £115,783,785.24.
quepassa: This morning. Liberum issue broker note and REITERATE their BUY RECOMMENDATION with unchanged Price Target of 568p. Liberum see UPSIDE of near 100% to current mid share price. ALL IMO. DYOR. QP
jrr1: at least someone is buying is building a stake. i agree there is a seller or 2 in the market which wont help the share price.
quepassa: Liberum issue broker note this morning and yet again REITERATE their steadfast BUY RECOMMENDATION with an unchanged Target Price of 568p. Liberum see a significant c. 95% UPSIDE to current share price. ALL IMO. DYOR. QP
quepassa: On the back of this strong news from AFHP today, we see Liberum this morning issue a broker update and REITERATE their BUY recommendation with an unchanged Target Price of 568p. Liberum continue to see a potential doubling of share price and UPSIDE of c. 105% for AFHP. ALL IMO. DYOR. QP
rivaldo: Excellent earnings-enhancing acquisitions this morning, with more to come soon from the sound of it. And this statement is encouraging too: "The Company continues to enjoy strong organic inflows of funds from existing and new clients with low redemptions. During the current year double digit gross inflows continue to be achieved whilst outflows, including pension drawdowns, remain below 2%." Hopefully the RNS re Polar Capital last night, together with the late upturn in the share price, indicates their selling has stopped and it's time for a decent rebound.
melody9999: jrr1 - because the falling share price over past weeks has been due to MMs needing to fill the large sell order - which has only now been reported.
melody9999: dex - the recent falls are likely because of the large sell order. It is not shown until completed, but the MMs will have been filling the order in the background for the past days / weeks.... add a few PI distressed sales as well as stop losses are hit. 3.5M offloaded - 2M today and 1.5M on Monday I've doubled my holding this afternoon expecting a share price recovery from here.
penpont: Just getting round to adding the IC tip from 1 Aug when price was 344p. Seems to have been marked down quite harshly since then, even given overall market conditions. 'By Alex Newman Blockbuster dealmaking generates headlines and plenty of investor noise. But is it a good idea? A study by consultancy McKinsey suggests not, and that bet-the-company M&A is less likely to succeed than a consistent programme of multiple small acquisitions executed over years. Companies that do this “become true masters of the art of identifying, negotiating and integrating acquisitions”, concluded the report’s authors. AFHP:LSE AFH Financial Group PLC 1mth Today change -5.08% Price (GBP) 299.00 All of which brings us neatly to AFH Financial (AFHP) an Aim-traded financial advisory outfit with designs on becoming the UK’s number one financial-planning-led wealth manager. Founded in 1990 by chief executive and 15.4 per cent shareholder Alan Hudson, the group is a small fish in a large pool of UK wealth managers. But it has a clear acquisition-led strategy in a structurally undersupplied and fragmented market, and what it lacks in assets or brand it more than compensates for in growth opportunities. Potential investors need only scour the recent track record for proof. Since its initial public offering in 2014, the group has completed the purchase of more than 45 teams of independent financial advisers (IFAs) and protection advisers, helping it to boost funds under management to £5.4bn by the end of April – up nearly threefold in three years, and well ahead of a three-to-five-year target. Last October, AFH reset those aspirational targets, and now aims to hit funds under management of £10bn and annual revenues of £140m by 2023, all the while boosting its underlying cash profit margin to 25 per cent. As broker Shore Capital points out, meeting these goals “will be heavily determined by the availability of acquisitions at acceptable prices”. But there are good reasons to think this is achievable, and that AFH can maintain its mastery of identifying, negotiating and integrating acquisitions. The first is the nature of the UK’s IFA market. AFH estimates that there are around 13,700 IFA businesses, with on average just under five advisers per firm, headed by a principal whose average age is 58, and typically unable to offer discretionary services. Although their services are increasingly in demand, the burden to comply with regulation and meet the rising cost of professional indemnity insurance both act as strong drivers of small-scale consolidation. AFH tries to stick to a set of rules when acquiring these businesses. Typically, transaction prices are around four times project cash profits (Ebitda) for businesses with 30 per cent margins, and designed to generate positive cash flow from the third year of ownership. So far, the track record of integration and client retention has been reportedly successful. Up-front payments are generally limited to 50 per cent of a maximum agreed take-out price, meaning around £39.5m of contingent considerations – around three-quarters of all AFH liabilities – sit on the balance sheet. IC View That fact partly explains why AFH’s shares trade at a miserly 10 times Shore Capital’s earnings forecast for 2020, which assumes nothing from acquisitions. Even with acquisitions expected to pay for themselves in four years, so long as AFH keeps acquiring at this rate, it will need access to new capital. To that end, it tapped markets last month for £15m of 2024 unsecured 4 per cent convertible debt (converting at 420p or a 20 per cent premium to the current share price), and last October it raised a similar amount with a share placing at 370p. A strong pipeline of deals and the track record suggests deployment of this money will be value-creating for shareholders. Buy.'
rivaldo: Edmond Jackson likes AFHP and has tipped them as a Buy on the dips (that would be now then!): Https:// Conclusion: "Company broker projects 55% median upside In the next three-to-five years AFH aims to increase funds under management from £5.4 billion last April to £10 billion and earn £140 million revenue with an operating margin of 25%. That implies EBITDA operating profit of around £35 million. That's fine so long as quality doesn't start to get diluted buying companies, and there's no wider crisis of investor confidence. Shore Capital (joint broker to AFH with Liberum which is also Nominated Adviser) posits that if AFH achieves such targets then compound annual EPS growth of 25% is possible. It estimates a fair value range for the share price of 490p to 650p (mid-price 570p) on a 12-month forward view, assuming EPS of 32.7p to 2020 and multiples of 15x to 20x. Shore reckons that as contingent liabilities for acquisitions are paid down with cash flow over 2-3 years, the earnings multiple will drop into single figures. However, this assumes no further share issuance, with future acquisitions relying on cash generation once deferred considerations have been paid. Buy the dips, mindful of long-term risks Market jitters anytime are liable to hit AFH just like they would any relatively small financial stock. But, all-considered, I suggest buying such dips. Financial planning looks a relatively dependable sector with good margins, and clients may prove stickier to their funds than is my fear in a downturn, although do remember that asset manager revenues link to a fund’s underlying value. Add."
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
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