Share Name Share Symbol Market Type Share ISIN Share Description
B.p. Marsh & Partners Plc LSE:BPM London Ordinary Share GB00B0XLRJ79 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 268.00 0.00 07:45:48
Bid Price Offer Price High Price Low Price Open Price
264.00 272.00 268.00 268.00 268.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 16.14 12.24 37.70 7.1 100
Last Trade Time Trade Type Trade Size Trade Price Currency
10:30:32 O 1,000 260.00 GBX

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Date Time Title Posts
16/10/201909:42B.P.Marsh & Partners -- Growth Potential595
20/6/201819:19*** B.P. Marsh ***3

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B.p. Marsh & Partners (BPM) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
06:57:47260.001,0002,600.00O
2019-10-15 13:32:41264.005001,320.00O
2019-10-15 13:16:00272.003,6769,998.72O
2019-10-15 13:10:40261.501,5003,922.50O
2019-10-15 13:09:54268.054,50012,062.25O
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B.p. Marsh & Partners (BPM) Top Chat Posts

DateSubject
16/10/2019
09:20
B.p. Marsh & Partners Daily Update: B.p. Marsh & Partners Plc is listed in the General Financial sector of the London Stock Exchange with ticker BPM. The last closing price for B.p. Marsh & Partners was 268p.
B.p. Marsh & Partners Plc has a 4 week average price of 249p and a 12 week average price of 203p.
The 1 year high share price is 311p while the 1 year low share price is currently 203p.
There are currently 37,431,573 shares in issue and the average daily traded volume is 52,462 shares. The market capitalisation of B.p. Marsh & Partners Plc is £100,316,615.64.
16/10/2019
09:42
pavey ark: Simon Thompson certainly didn't trigger my purchase here. Having bought quite a few at the silly price of 208p I now find myself pondering my next move. The write down on LEBC is substantial (33%) and certainly more than the loss of business mentioned (20%)yet total company NAV still rose by 3%. 50% of business outside the uk. Once the dust settles there is certainly potential for an upgrade on the LEBC figure but it looks like they don't want to risk having to do a further downgrade. At the current NAV of 361p a share price of 290p would still be at c. 20% discount. I think I'll hold for now. If they maintain their record of more than 11% asset value growth/year then the year end NAV would be 388p
16/9/2019
23:08
pavey ark: Doesn't today's announcement boost BPM's carrying value of XPT significantly? I would have thought that longer term holders would have run the calculator over this but I make it a fairly substantial increase. Could be way out here but would like to know one way or another. My figures are :- EV now $54m and they now have a 32% share. The value as 31st Jan this year was c. £7.7m to PBM As I said,I could have the wrong end of everything here. Edit: Given the recent turbulence in the share price I would have expected the company to make more of this IF my figures were correct so I have doubts.
13/9/2019
20:16
spob: Exploit BP Marsh and Partners anomalous discount to NAV Simon Thompson Investors Chronicle September 9, 2019 Https://www.investorschronicle.co.uk/comment/2019/09/09/takeovers-tenders-and-taking-profits/ Financial markets should operate efficiently, embedding all known information into asset prices. However, if they did so then the share price of insurance sector investment company BP Marsh & Partners (BPM:216p), a company that has delivered 11.9 per cent average annual compound growth in net asset value (NAV) since 1990 by backing the management of its investee companies, would not have fallen by a fifth last week. The share price reversal was prompted by news that LEBC, a financial advisory group in which BP Marsh holds a 59 per cent stake, agreed voluntarily to cease providing defined-benefit (DB) transfer advice following a market-wide review by the Financial Conduct Authority (FCA). The DB segment of the business accounted for a fifth of LEBC’s annual revenue. The stake in LEBC has a carrying value of £35.5m (98.6p a share) in BP Marsh’s accounts, implying an enterprise value of 13 times LEBC’s operating profit after adjusting for net cash on its balance sheet. The stake also accounts for over a quarter of BP Marsh’s last reported net asset value (NAV) of £126.2m (350p a share). LEBC has performed well to date, but clearly there will be an impairment charge on the holding when BP Marsh reports its interim results on Tuesday 15 October. But what investors have ignored is that BP Marsh’s board have said that “the strong performance delivered by a number of our investee companies in recent months means that the company will emerge in a satisfactory position as regards its financial results.” In other words, expect valuation uplifts on the rest of the portfolio to largely offset the write-down on the LEBC investment. In fact, the directors brought forward a pre-close trading update to highlight just how well some of the investee companies have been performing. For instance, BP Marsh holds a 44.3 per cent stake in CBC, a retail and wholesale Lloyd's insurance broker, that has a carrying value of £4.9m, implying an equity value of £11m for CBC as a whole, or 11 times last year’s annual operating profit. But the directors has revealed that CBC’s cash profit is on target to increase by 40 per cent in 2019, the same rate of growth as in 2018. It’s not the only high-growth company that BP Marsh is invested in either. For instance, BP Marsh has a 20 per cent stake worth £6m in EC3 Brokers, an independent specialist Lloyd's broker and reinsurance broker. The business was founded by its current chief executive, Danny Driscoll, who led a management buyout to acquire EC3's book of business from AJ Gallagher in 2014. BP Marsh invested £5m in EC3 in December 2017, since when it has grown revenue from £9m to a forecast of almost £14m this year, while maintaining a good underlying profit margin. I also note that BP Marsh’s 40.5 per cent stake in Walsingham Motor Insurance, a niche UK fleet motor Managing General Agency, looks set for valuation uplift, too. The holding is in the books for £1.37m, implying an equity value of £3.3m. However, Walsingham has already generated £21.5m of premium income in the first 10 months of the 2019 financial year (£19.8m for the whole of 2018) and is expected to “report cash profits significantly ahead of the 2018 result (£0.6m)”. I could go on highlighting other portfolio companies that are set for a valuation upgrade, but I think I have made my point. Namely, the steep fall in BP Marsh’s share price since its annual results (‘BP Marsh posts record net asset value’, 11 June 2019) means that the shares are now trading on a 38 per cent discount to the company’s last reported NAV even though the board is guiding shareholders to expect a satisfactory first-half NAV performance. Markets are not working efficiently here. Shares in BP Marsh have produced a 175 per cent total return including the recently paid final dividend of 4.76p a share for the 2018-19 financial year since I first advised buying at 88p ('Hyper value small-cap buy', 22 Jan 2012), a performance driven by the strong investment performance of its holdings. I expect that outperformance to continue, making the deep share price discount to NAV not only anomalous, but well worth exploiting. Buy.
18/6/2019
00:42
jagworth: RNS Number: 7436B B.P. Marsh & Partners PLC 11 June 2019 “The Group's investment portfolio movement during the year was as follows: 31st January 2018 valuation Acquisitions at cost Disposal proceeds Adjusted 31st January 2018 valuation 31st January 2019 valuation £79.1m £8.7m £Nil £87.8m £101.9m Investments As at 31 January 2019 the Group's equity interests were as follows:...... LEBC Holdings Limited (www.lebc-group.com) In April 2007 the Group invested in LEBC, an Independent Financial Advisory company providing services to individuals, corporates and partnerships, principally in employee benefits, investment and life product areas.... Date of investment: April 2007 Equity stake: 59.3% 31 January 2019 valuation: £35,485,000221; LEBC not mentioned by Simon Thompson in latest IC article. LEBC represents quite a bit of the investment portfolio asset value. This was going to be a hot new issue but now postponed. It is very nice getting a plug from ST every so often. But BPM riskier than you might think from the share price movement (i.e. lack of movement most of the time)
11/6/2019
15:46
spob: BP Marsh posts record net asset value Https://www.investorschronicle.co.uk/comment/2019/06/11/bp-marsh-posts-record-net-asset-value/ Simon Thompson Investors Chronicle Insurance sector investment company BP Marsh & Partners (BPM:300p) has delivered an 11.9 per cent average annual compound growth in net asset value (NAV) since 1990 by backing the management of its investee companies at the right time and then holding for the long run. The company’s shrewd management team, led by founder and chairman Brian Marsh OBE, maintained this enviable track record in the 2018-19 financial year by posting a total shareholder return of 11.7 per cent. Moreover, Mr Marsh has “every reason to believe that we will repeat our usual mantra of delivering 10 per cent growth in NAV, dividend and trading profit in the current financial year, too”. He has every reason to think this way as BP Marsh’s investment committee has been recycling the net cash proceeds of £16.6m raised from last summer’s placing and open offer into new investments, and is delivering some hefty gains from the existing portfolio, too. For example, the £2.85m investment BP Marsh made last July for a 20 per cent stake in ATC Insurance, an Australian-based Managed General Agency and Lloyd's Coverholder, specialising in accident, health, construction, engineering and sports insurance, was revalued upwards by 89 per cent to £5.4m after ATC “smashed profit forecasts”, according to BP Marsh’s managing director, Alice Foulk. The revaluation still looks conservative, equating to a multiple of 60 per cent of gross written premium (GWP) of AUS$61m (less cash), or around 10 times ATC’s annual cash profits. It’s not the only eye-catching revaluation as BP Marsh’s 44.3 stake in CBC, a retail and wholesale Lloyd's insurance broker, was lifted by 77 per cent in value to £4.9m, implying an equity value of £11m for CBC as a whole, or 11 times annual operating profit, which increased by 29 per cent in 2018. CBC’s trading performance is likely to be even better this year, highlighting the benefits of incentivising its staff following the management buy-in backed by BP Marsh. Moreover, CBC is well placed to benefit from the merger of Marsh & McLennan and Jardine Lloyd Thompson as there is a real opportunity to attract prime staff from those companies and then heavily incentivise them, the upshot being further valuation creation for CBC shareholders, including BP Marsh. There was also a notable gain on BP Marsh’s second-largest holding, Nexus Underwriting, an independent speciality managing general agency that has been making some shrewd acquisitions. BP Marsh now holds an 18.5 per cent stake in Nexus with a carrying value of £30.1m, implying an equity valuation of £166m, or 11 times the annualised cash profit of £15.2m Nexus is forecast to make this year based on profit growth of 20 per cent and GWP of £313m. That represented a net valuation uplift of £4.4m and expect further investment upside here, too. Admittedly, not all investee companies posted revaluation uplifts, but that’s why diversification is critical to portfolio management. In any case, a £2.6m provision is dwarfed by unrealised gains of £14.1m. In aggregate, annual dividends, fees and loan interest received from portfolio companies of £4.6m was well ahead of BP Marsh’s operating expenses of £3.9m, thus freeing up some cash to reward shareholders with a final dividend of 4.76p a share to be paid next month. Net profit of £12.5m is a very acceptable return on average net assets of £112m. Interestingly, BP Marsh has “£10m of projects in the pipeline”, so expect news on further investments later this year. Shares in BP Marsh have produced a 265 per cent total return since I first advised buying at 88p ('Hyper value small-cap buy', 22 Jan 2012), representing a compound annual growth rate of 22 per cent, and have risen from the 280p level since I last advised buying (‘Alpha Alert for financial gains’, 18 Mar 2019). Trading on a 14 per cent discount to NAV per share of 350p, with management guidance supportive of a 10 per cent NAV uplift this year, and the directors’ committed to share buybacks if the share price discount widens to 15 per cent or more of NAV, the investment risk is firmly to the upside. Buy.
03/6/2019
17:58
retsius: at last, some action in the share price. R.
25/5/2019
21:55
danielbird193: I'm also looking forward to seeing the annual results. I'm expecting steady progress across the portfolio rather than any "showstoppers", but there's likely to be another tickle from Simon in the IC which generally lifts the share price a few percent. I'm very happy holding this share for some slow and steady progress.
25/5/2019
13:06
retsius: Surely there must be some action in the share as it approaches the Annual Results. So far, protected from general market hubris with little if any share price action. Looking for a suitable increase in NAV and some positive statements on current business. R.
05/4/2019
02:34
danielbird193: I agree it's not an exciting share. However, I fully expect it to do well over the longer term based on fundamentals of the portfolio companies. I think Brian's baby is just a bit too small and a bit too niche for most analysts. Simon T attempts a decent 'sum of the parts" valuation every few months and that generally gives the share price a boost, albeit sometimes a temporary one. I'd love to understand what the catalyst might be for a step change in the market's appreciation of this one. The LEBC flotation may have had that effect but, as we know, has been l kicked down the road by a few months at least. I'll continue to hold for now.
07/2/2019
09:24
danielbird193: I'll need to remind myself of the details of the management incentive scheme from last year's remuneration report, but there was a stark contrast in today's report between the 1,461,302 shares held in the employee benefit trust (capital potentially given away to employees) versus the 28,573 shares held in treasury after buy-backs (capital returned to shareholders). I'm all for incentives, but a company needs to balance the decisions it makes in the interest its staff and management with the decisions made in the interest of shareholders. Other than that it was a reassuring if unspectacular update. Share price doesn't seem to have moved at all which underlines the fact that there was almost no new information in this update whatsoever. Oh well, "no news is good news" as they say.
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