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ASTO Assetco Plc

0.50 (1.08%)
01 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Assetco Plc LSE:ASTO London Ordinary Share GB00BQ2K3557 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.50 1.08% 47.00 284,635 16:35:16
Bid Price Offer Price High Price Low Price Open Price
47.00 48.00 47.50 46.50 46.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Offices-holdng Companies,nec 8.18M -8.44M -1.0018 -0.47 4M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:16 UT 1,711 47.00 GBX

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Date Time Title Posts
30/11/202313:37Assetco rocking on since ASF takeover2,552

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Posted at 03/12/2023 08:20 by Assetco Daily Update
Assetco Plc is listed in the Offices-holdng Companies,nec sector of the London Stock Exchange with ticker ASTO. The last closing price for Assetco was 46.50p.
Assetco currently has 8,424,847 shares in issue. The market capitalisation of Assetco is £4,001,802.
Assetco has a price to earnings ratio (PE ratio) of -0.47.
This morning ASTO shares opened at 46.50p
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 30/11/2023 11:04 by strollingmolby
Sudden flurry of trades since 10:30... are there any new broker notes out on ASTO?
Posted at 11/11/2023 16:38 by tommygriff
AssetCoThis is a real oddball. In 2020, the UK AIM listed company AssetCo had ~£30 million in cash but no underlying business (after the loss of a contract providing fire fighting services to the UAE). Fast forward a few years and AssetCo has transformed. It's now an Asset Management business with ~£2.5 Billion in Assets Under Management (AuM).AssetCo also has one of the most experienced micro-cap management teams I've come across. Martin Gilbert is Chairman. The same Martin Gilbert who founded Aberdeen Asset Management in the early 1980s and grew it into the largest Asset Manager based in the UK. When he left Abrdn (as it's now called) in 2020, he convinced his Global head of Investments (Alex Hoctor-Duncan), Head of Private Markets (Peter McKellar), and Head of EMEA/UK (Gary Marshall) to join him at AssetCo.The general strategy has been to acquire small (sub £1Bn AuM) active equity managers with good track records. Many are family owned and lack the scale to complete with their much larger peers. In theory, AssetCo pays ~2-3 x Sales, then reduces compliance costs, integrates back and middle office functions, and cross sells the funds under a single brand. Ultimately, targeting an Operating Margin of ~20-30%.The team has made 7 acquisitions over two years, spending over £100 million using not only the cash on hand, but both debt and equity financing. You only need to look at the historic share price to see it's been a bumpy ride. Mistakes have been made. The most obvious being the purchase of Rize ETF, a racy thematic manager, for 17 x sales in 2021. Growth remained low and it was recently sold to Cathie Wood's ARK at a cut down price.Away from this 'moon-shot' investment, the other acquisitions averaged ~3 x Sales and focused more on traditional active 'Value' strategies (here's a link to AssetCo's current funds).Thinking about valuation. As a rule of thumb, Asset Managers are rarely sold for less than 1% of AuM. This conservative approach would value AssetCo at around the current Market Capitalisation of ~£50 million. Consisting of ~£25 million for the AuM and ~£20 million of Net Cash (as of the last reporting date, the 31st March 2023).The kicker, and most of the upside, comes from AssetCo's 30% ownership of Parmenion. A platform for Independent Financial Advisors that is majority owned by the Private Equity firm Preservation Capital Partners and was bought from Abrdn in 2021 (yes, the same Abrdn that Martin Gilbert had left a year earlier!).Parmenion's results continue to impress. AuM has grown from ~£5Bn in 2018 to over £10Bn today, and Net Income has gone from around breakeven to £12 million in 2022. In a recent interview, Martin Gilbert gave the current run-rate EBITDA as between £20 million and £25 million. A figure that would support an 'independent' valuation of AssetCo's stake at between £75 million and £90 million (Yes, you read that correctly - considerably higher than AssetCo's entire Market Capitalisation!).The catch here is timing. Firstly, there's cash burn. Full year results (ending 30 October 2023) will be released in early 2024 and I expect the overall Net Cash position will have fallen to ~£10-15 million. If you believe management, the business is nearly cash flow positive, but if you conservatively use the historic cash burn, AssetCo will require financing in less than 2 years. Secondly, the Parmenion sale rumours have been circling for some time. If true, the sale would provide a catalyst for a sizeable re-rating of the stock. If not, the stock could well continue to tread water for years.Overall, investing in AssetCo feels uncomfortable due to the rapid changes and the ongoing uncertainty. However, it's difficult to come up with a feasible scenario where you might lose money over the long-term. For those with the stomach, and the patience, I think it'll work out pretty well.
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 19/6/2023 20:05 by giardap
What price snapping up some Odey business?
Posted at 03/10/2022 18:53 by microscope
Bought a small stake today.

Market cap of about 100 million and following acquisitions since last results, an estimated cashpile of about 35 million. An interesting portfolio of assets (12 billion - B not a typo! - assets under management),and SKY recently suggested that their 30pc stake in Parmenion has attracted interest valuing it at 300-400 million....

If you look at the chart, (as regulars will know), note they had a share split of 10 for 1, so from 750p to 75p .

Martin Gilbert doesn't take prisoners, a recent purchase was cut from 2.8 million to 1.1 million. But he did say that they were looking at other bolt-on acquisitions.

They're buying back up to 10pc of the company's shares - about 15 million shares, announced last week, which in current climate should provide support for the shares if the whole market capitulates.

Finally, two recent Director buys in August and September of 470,000 and 140,000 shares, both above the current ASTO shareprice, are not small beer at 70p+ each..
Posted at 11/9/2022 12:08 by arthur_lame_stocks
This may be of interest to ASTO shareholders.

Posted at 21/6/2022 09:33 by topvest
An interesting deal today. SVM Asset Management is run by industry veteran Colin McLean. It's well past its glory days, but a nice addition with £568m AUM. Key points:

- £10.7m deal price is c2% AUM but includes a £9m convertible loan note exercisable by either party into shares at twice the current share price (£14.50)!

- Adds SVM UK Emerging Fund plc, a micro investment trust, of which I have a small shareholding in.

- Adds an Edinburgh base.

- SVM Asset Management has been heavily loss making for years, but made a £2m profit in 2021 apparently. This is maybe due to performance fees or investment gains. I wouldn't expect SVM to be very profitable at its current scale.

- Back-office costs to be shared, might improve profitability.

Anyway, looks like this has been a done deal for some time and is probably a retirement exit for Colin McLean medium term.

If they convert the price into shares, then they now get the deal done for c£5m.

Just shows how difficult it is to value Assetco until things settle down.

A high quality team though, so positive on this one!
Posted at 15/6/2022 22:14 by watling17
The RIV acquisition and time it has taken to complete can be viewed as entirely positive as it has allowed flakey customers and shareholders to exit - a good thing. The equities business now has c£3bn AUM and can grow from this point. The fact that it currently looses money was expected and clearly the new owners will be far more resolute than RIV in slashing costs [that is people and duplicated head office expense - out they all go]. Parmenion may not pay a cash dividend yet but is in great shape as their report and accounts attest; let us say Rize is worth what was paid for it; the equities business, predicated on AUM, has value and there is the cash

All asset managers have wilted of late - including PMI - so whether they are happy or unhappy at not owning RIV, who cares

What is there to sort out one wonders over and above the matters already before the board - the clients who exited are gone but new mandates will be won and no doubt such churn would have been expected

In any event for many RIV shareholders who bought before the bid at sub-220p, the return of capital will repay their investment and leave the ASTO shares as a free ride so again, who cares what the share price does in the short term
Posted at 15/6/2022 11:44 by monet
This should help the shares price, and plans to pay a dividend

We 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."
Assetco share price data is direct from the London Stock Exchange

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