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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Assetco Plc | ASTO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 36.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 36.50 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 15/06/2022 | Interim | GBP | 0.013 | 01/12/2022 | 02/12/2022 | 23/12/2022 |
| Top Posts |
|---|
Posted at 10/3/2025 09:00 by patrickbateman87 Balance sheet in latest results RNS - https://www.londonst |
Posted at 26/2/2025 14:19 by spectoacc Feel you're right - good riddance to the Welsh Wizard, with his ability to make money disappear (don't know what he paid to acquire his stake in ASTO, but guessing there isn't a profit there).Just Panmure on the offer now, bid up to 32.4p. |
Posted at 23/2/2025 12:25 by theaim1990 Thanks Jane.Agree with you, still I do not fully see why selling now instead of in two weeks (or indeed instead of 6 months ago). Why would you prefer it? Actually Parmenion releases a group report (ie P + ebi) on their website in June for the year, then publishes the full accounts in September (and so does ebi). Agree there is little colour around how the structured interest is valued. However, it is interesting to notice the latest fund raising at Fundment. Fundment (a competitor with 500adv firms and 25,000 clients) last month completed a series C raise, valuing the company at "around £250m" (see citywire article on this). Fundment has <1/3 of Parmenion's (ex-ebi) clients and advice firms, and was barely profitable for the year (against the 17.9m or 39% ebitda margin at P). This is to say that it doesn't sound crazy to assume P to be worth at least as much as Fundment (a 3-times smaller, barely profitable, comparable). £250m means 75m for 30%. There is a reference to some equity being distributed to Parmenion management in case the sale value will be above certain unspecified amounts. In a recent interview, Mills valued the "fully diluted 25% equity interest" min 50m, to be summed up to the c.28m of 10%-interest PIK loan notes. So this is another bridge to the 75m. Another thing is that P generates over 10m in free cash flow per annum, so there will be at least 23m of cash sitting in their balance sheet now. This is likely to be added on top of the Ebitda multiple valuation, or a divi. ebi doubled in size and has been profitable for the last few years, too. Preservation Capital has an average holding period of 5to7 years, and they are just completing their 4th. Finally, Asto (or River in a couple of weeks) will provide an updated independent P valuation at the end of the year (and an internal estimate at H1) As per the other piece of the puzzle, the asset manager, it has between 2.5bn and 3bn aum, generates around 14.5m of revs, costs of 18m per annum to be reduced by 3m and 0.6m (ie should break even in 25). Lets give it an 0.75% AUM valuation, 20-21m. It also has 10m+ of cash (minus the loss for the second part of the year, but will receive 2.7m from Ark in March). Knowles was a remarkable recruit, and River seems also discussing launching ETFs with Ark. This is to say that I could see a small-medium sized asset manager buying/merging with River at 25-30m (incl cash), with 30m being 20-22p. I'd be interested if someone could explain me how the PIK loan interest works for B shares, as the RNS states B holders will be entitled to that too. |
Posted at 22/2/2025 12:42 by bmcollins @janeThanks for this insightful comment, I confess to not knowing previously many of the points that you raise and the rather convoluted holding structure of the B shares is certainly a potential issue. I am feeling rather less bullish on ASTO now than I was before you posted this. Thanks again for laying it out like you have. |
Posted at 22/2/2025 11:53 by jane deer I can understand Griffiths (or any outsider) selling here, even ignoring whatever liquidity issues they may be facing. If I understand the situation correctly, holders of the new B shares will be from March holding "tracking" shares in an asset, which currently pays no dividends and holds a 30% stake in a Guernsey company (Shillay Topco) which does not publish publicly available accounts. Shillay Topco then controls (through at least one Guernsey intermediate company, Shillay Midco) a private company, Parmenion, which publishes an annual report 9-months after year-end (so investors' information is 9-21 months out of date depending where we are in the year). Little information is currently published by AssetCo on the current trading at Parmenion and we are warned in the circular that post the split, investors will probably receive no more information than currently because of conditions in the shareholder agreement.We are told that the 30% stake has been independently valued at £75-90m but this is in a takeover situation and control of when the business is sold will be controlled by Preservation Capital, into which we have no insight. Also the assumptions on which the £75-90m is calculated has not been clarified, nor (as far as I understand, but please correct me if I am wrong) whether this takes account of the dilution for management incentives on a sale. In addition, to owning an asset whose financial performance of which outside shareholders can only see vaguely and at a significant time-lag, we will hold non-voting shares and the shares will only be "tracking" shares so will not be wholly independent of the overall performance of River Global plc - for example, if that does not have distributable reserves no dividend can be paid and if River Global plc were to go bust... The fact that the B shares are non-voting shares means that the Takeover Panel rules don't apply so currently large shareholders in the B shares could increase their stakes to gain control without making a bid for minorities. If I understand the rules correctly, because the shares are non-voting, they are also exempt from needing to disclose when large shareholders cross 1% (either up or down) ownership thresholds. The initial plan announced in June 2024 indicated that the B shares would be delisted (and trade on a Matched Bargain basis) - this would make them ineligible for an ISA and create forced sellers. Now the plan is that they will continue to be listed on AIM (allowing individual shareholders to continue to hold in an ISA - thanks to those on this thread who clarified this point). It is conceivable that in future, the decision might be made to delist the B shares - I presume this would need a 75% vote from B shareholders. The main shareholder (Harwood Capital) has some history in supporting delistings (e.g. SourceBio). Despite all of this, I am still tempted to buy more based on the hunch that the value in the "somewhat hidden box" significantly exceeds the value the market is giving it. But writing this down makes me realise that the uncertainties are so big that the "discount" to this perceived value will need to be commensurately large to compensate. DYOR. |
Posted at 20/2/2025 12:15 by orinocor For information purposes only this is the current share price performance since the release of the Investor Chronicle bargain portfolio 2025anic +35% K3 +30% tavi +20% crl +13% crs +7% vle +5% carr +4% asto +0% |
Posted at 18/2/2025 15:59 by spectoacc Ideally needs to be cleared pre-split, or else it could make the new listings look a bit naff.No qualms at all about being long ASTO myself tho. If a fund manager wants to sell out cheaply, bully for them - OPM. |
Posted at 14/2/2025 11:43 by bmcollins @ohisayA good point indeed, Harwood are to my mind a much better indicator than either the IC or S.T. Not saying the latter 2 are no good but Harwood do have a seriously good reputation in tiddlers like ASTO |
Posted at 31/1/2025 07:08 by spectoacc Hoping the rise doesn't put ST off a "tip of the year" for ASTO. Definitely likes it. |
Posted at 30/1/2025 21:01 by ohisay As a reminder this was part of ST's piece in I/C last year.+(ASTO:31p) has slashed its operating loss and identified further cost savings to help the asset management group towards profitability. It is also spinning off its 30 per cent stake in Parmenion, a highly profitable B2B investment platform for the UK wealth and advisory sector. Parmenion is benefiting from the digital transformation in the asset and wealth management industry. AssetCo booked interest income of £1.6mn from its investment in the group’s latest accounts. The stake was valued at £75-90mn (53p to 63p) on 20 September 2023, or a multiple of around 12-13 times cash profits, since when Parmenion has increased assets under management and administration by 10 per cent to £11.7bn. Analysts at Panmure Liberum note that “ongoing consolidation in the sector and a reducing number of available quality targets, suggest that the independent valuation is underpinned. However, even if the market wanted to be more cautious a £50mn valuation [post the demerger] would be worth 35p per AssetCo share.” The investment is held in the group’s accounts at only £25.8mn (18.1p). So on this very conservative assumptiom you are getting everything other than Parmenion in the price for free after the demerger. |
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