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
  -2.00p -0.66% 300.00p 45,057 13:19:52
Bid Price Offer Price High Price Low Price Open Price
296.00p 304.00p 303.00p 300.00p 302.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 16.14 12.24 37.70 8.0 112.2

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Date Time Title Posts
11/6/201915:46B.P.Marsh & Partners -- Growth Potential557
20/6/201819:19*** B.P. Marsh ***3

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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 302p.
B.p. Marsh & Partners Plc has a 4 week average price of 292p and a 12 week average price of 279p.
The 1 year high share price is 316p while the 1 year low share price is currently 252p.
There are currently 37,412,355 shares in issue and the average daily traded volume is 40,454 shares. The market capitalisation of B.p. Marsh & Partners Plc is £112,237,065.
spob: BP Marsh posts record net asset value Https:// 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.
retsius: at last, some action in the share price. R.
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.
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.
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.
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.
danielbird193: Yes it's not done too badly considering how some others have been hit. Perhaps Brian's little buyback programme has put a bit of a floor under the share price? Looking forward to a positive update in February and expect some buying pressure after that, all being well.
danielbird193: Great update from LEBC. This is one of the biggest positions in BPM's portfolio and could be a game changer if the much talked-about "liquidity event" comes to fruition in 2019. Share price was above 300p over the summer so look decidedly good value at 260p. Next trading update expected in February along with another nice write up from Simon T in Investors Chronicle.
danielbird193: Great spot, very interesting news. BPM own 17% of Nexus and its stake was valued at £20.5 million in the 31/1/18 accounts. Using the numbers in the article (£13m trailing EBITDA and 11x multiple), the value of BPM's stake will increase by at least £4 million on completion of the deal. That would add roughly 14p to BPM's NAV per share, which is a sizeable uplift to the 321p NAV per share reported immediately after July's rights issue. Adding this to information about the other investments gleaned from the latest trading update, I wouldn't be surprised to see NAV per share north of 350p to be reported in the coming months. That reiterates the huge value on offer here with the share price sitting in the 290s.
skyship: Well, if ST doesn't return with another IC Online boost, at least the backstop here might be buybacks at 243p! ========================= The Group remains of the view that the authority to be able to undertake buy-backs of small parcels of ordinary shares of 10p each in the Company ("Ordinary Shares") is an important stabilising mechanism in times of market or share price volatility. The Group's previous policy was to consider buy-backs when the Company's share price dropped to more than 25% below its published Net Asset Value. Pursuant to a recent decision of the Board of Directors, it has been agreed that this threshold will be amended so that buy-backs can be considered whenever the Company's share price is more than 20% below the Net Asset Value as stated in the Company's most recently published balance sheet.
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