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
  6.00 1.79% 341.00 2,127 08:03:03
Bid Price Offer Price High Price Low Price Open Price
332.00 350.00 341.00 336.00 336.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 74.34 13.71 25.40 13.4 147
Last Trade Time Trade Type Trade Size Trade Price Currency
17:08:06 O 500 341.00 GBX

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07/8/202010:47AFH Financial with charts586
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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 335p.
Afh Financial Group Plc has a 4 week average price of 315p and a 12 week average price of 288.50p.
The 1 year high share price is 428p while the 1 year low share price is currently 190p.
There are currently 42,981,495 shares in issue and the average daily traded volume is 13,263 shares. The market capitalisation of Afh Financial Group Plc is £146,566,897.95.
dexdringle: Yes that statement re 'significant' recurring income reduction and new business possibly ceasing all together in the new tax year is unbelievably negative. There is honesty and there is suicide. Makes him look like he's been completely wrong footed, had no contingency, and is throwing in the towel already. The share price has held up well considering. I wonder how Liberum are feeling about their £5.69 price target ? And where is QP. He normally has a view on all things AFH ? Mainly how he hates SJP and thinks AFH are the next big thing....
rivaldo: Excellent AGM statement today, with a very strong start to trading for this year, plus the likelihood of further earnings-enhancing acquisitions following strong cash generation: Https://
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:// 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
rivaldo: The CEO (Alan) holds 13.2% with 5.95m shares, and the other directors another 1% or so: Https:// It's just a typo with m instead of %..... Good to see the share price advancing again towards those mid-2018 highs.
rivaldo: Good coverage on Citywire of Liberum's Buy note and increased 569p target: Https:// "AFH Financial offers more upside, says Liberum. AIM-listed national advice group AFH Financial (AFHP) is still offering ‘significant value’ despite share price gains in recent months, says Liberum. Analyst Jamie Donald retained his ‘buy’ recommendation and increased the target price from 484p to 569p after the company reported 8% organic net flows and revenue increases of 47% in 2019. The shares rose 1.3% to 390p yesterday. ‘The full-year results show operational improvements are being delivered as acquisitions are integrated,’ he said. ‘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 target price…implying 48% upside.’"
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."
dexdringle: With such an illiquid share, how can such significant activity not be having any real impact on the share price ? Is this still institutions shuffling blocks of shares between one another with a net neutral resulting position ?
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
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.'
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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