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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% | 29.00 | 08:00:19 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 29.00 | 28.50 | 29.00 | 29.00 | 29.00 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Top Posts |
|---|
Posted at 25/7/2024 08:48 by catabrit Hello Sphere. Yes some chunky trades going through and barely any move in the price. If you put a 10-12x EBITDA multiple on Parmenion then there is clearly value here. It has an excellent reputation in the market (my private office happens to be next to that of a small wealth manager and he was very positive about them) and the CEO is very widely regarded. He knows the platform market inside out.So with that multiple you are looking at anything from 180m to 220m valuation for Parmenion which nets back to say 60-70m pro rata for us so 20-40 percent upside from here. The good thing is that the business continues to grow so if there is no liquidity event then our pro rata valuation should continue to compound. On the negative side, the exit is not in assetco’s control. They are a minority investor and preservation capital control the entity. So you need to discount that value a little bit for lack of control and no visibility on timing. Then you also need to think about what they would do with the proceeds. Martin’s record on that front is a bit hit and miss. Will he roll the dice with most of the proceeds or will he do the most shareholder friendly thing which is to return capital? It is hard to say. He seems quite defensive about the wider strategy and is potentially (in my opinion) in denial about the odds of his strategy working. Furthermore, the river global business is still loss making and there are only so many levers the guys can pull to cut costs. Gary the CFO is excellent and I really rate him. So you get a free option on River Global but I think you need to as the business is sub scale and really needs flows to continue as a going concern. You also have the very real risk of this potentially de-listing. I can’t believe the listing headache is worth it and it is clearly a busted roll-up. So whilst I recognise the value here I don’t think Mr Market is being entirely irrational. |
Posted at 03/7/2024 16:34 by west mercia Harwood Capital (Christopher Mills) increased their shareholding from 14.41% to 15.29% - another 1,250.000 shares - since the Interim Results were announced. Christopher Mills is a Non Executive Director and a shrewd investor so a very positive sign. |
Posted at 14/5/2024 18:50 by catabrit Just adding a nothing comment to keep tabs on the thread. Recently bought a big chunk of these. Understand the issues well and think investor scepticism is warranted but I think you get well rewarded under multiple scenarios so I bought some. |
Posted at 30/11/2023 13:15 by strollingmolby Thanks, eeza. I assume it is this article? below is what can be seen before the paywall kicks-in:Target recovery upside from a deep value asset manager This heavily punished stock has the hallmarks of a Ben Graham value play. November 30, 2023 by Simon Thompson - Business has a top asset management team. - Net cash backs up a third of market capitalisation. - Discount to sum-of-the-parts valuation. It’s sensible to build a ‘margin of safety’ into the price you are willing to pay for any investment. Risk can be mitigated further when the company is sitting on a cash pile to cushion potential downside. In the case of one asset manager, balance sheet cash backs up a third of its market capitalisation. Moreover, the group’s 30 per cent stake in a profitable investment platform is worth 50 per cent more than its own market capitalisation. Investors also get a free ride on an asset management business with around £3bn of client mandates which is being right sized and could hit run rate profitability in 2024. |
Posted at 16/10/2023 05:55 by brummy_git I was having a rummage through Christopher Mills’ latest holdings at Harwood Capital - & specialist fund manager AssetCo came up as an interesting GARP stock for long term, risk tolerant investors.All the details here |
Posted at 29/6/2022 15:29 by topvest I must admit to being a bit confused on Christopher Mills re. Assetco. He is a fantastic investor that's for sure. I wasn't sure the valuation is silly and that's why I sold out. Maybe I have missed the skilled lens of the master!What confused me was mentioning £90m for Parmenion Capital Partners LLP.... seemed a bit odd as they only own 30% purchased for £22m less than a year ago! That would mean the Assetco stake is worth like £30m not £90m. Anyone any thoughts? |
Posted at 15/6/2022 11:44 by monet This should help the shares price, and plans to pay a dividendWe intend to write to shareholders shortly with proposals to instigate a sub-division of the Company's ordinary shares of 10p each ("Ordinary Shares") on a basis to be determined. Such a sub-division would increase the number of Ordinary Shares in issue and the Board believes this would reduce the Company's share price to a level where smaller sized dealings in Ordinary Shares would be more efficient. It should also improve the liquidity, spread and marketability of the Ordinary Shares to a wider group of investors. The Board recognises the importance some investors attach to receiving a regular income from their shareholdings. It is, therefore, expected that the Company declares a 13.0p interim dividend in Q4 2022. Thereafter, the Company intends to adopt a progressive dividend policy. "Campbell Fleming, Chief Executive Officer of AssetCo plc, commented: "We have made good progress in developing AssetCo's listed equity platform, private markets capability and thematic ETF business. At the same time, Parmenion, which provides investment solutions to advisers and their clients, has expanded. The current market environment, alongside the structural shifts taking place within the asset and wealth management sector, supports a strategy of building an agile asset and wealth manager, uninhibited by legacy issues, to meet the needs of investors." "There is still much to do, but we have the people, products and the financial strength to deliver for clients and shareholders alike. We will continue to invest in our existing businesses, assess strategic opportunities that will add value to our capabilities, and focus on generating organic growth." |
Posted at 01/9/2021 10:50 by tole https://citywire.co. |
Posted at 29/6/2021 04:23 by brummy_git Just in case you missed it yesterday.Marvellous insights from Christopher Mills of Harwood Capital - a world class investor - talking about top quality stocks, such as AssetCo. Heaven personified www.linkedin.com/pos |
Posted at 04/10/2020 12:19 by topvest Actually he's such a genius that he hasn't lost money on AssetCo. I can't quite remember now, but part of the original investment wasn't in ordinary shares. Page 14 of NASCIT annual report for 31 Jan 2020 year-end. Cost £10,162k Valuation £12,238k + the share price is up significantly since then. I would go as far as to say that Chris Mills is the best activist small cap investor of his generation. His long-term record is superb. |
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