Burford Capital Dividends - BUR

Burford Capital Dividends - BUR

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Stock Name Stock Symbol Market Stock Type
Burford Capital Limited BUR London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
-26.50 -3.37% 761.00 16:35:17
Open Price Low Price High Price Close Price Previous Close
781.00 755.50 781.50 761.00 787.50
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Industry Sector

Burford Capital BUR Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

syoun2: IC write up 11. Burford Capital Litigation funder Burford Capital (BUR) deployed more cash in the first half of the year than ever before, but it may take a while for it to see this turned into income. The issue with litigation funders is that it can take years for cases to settle, making their income stream lumpy. Disruptions to the courts have accen- tuated this problem. Burford swung from profit before tax of $187m (£140m) in the first half of last year to a loss of $67.5m this year because 43 per cent of its ongoing cases were delayed by Covid-19. The good news is that it has a 95 per cent return on invested capital. So its track record of backing cases is strong and it made $503m of capital commitments in the first half of the year. Brokers seem confident that its grow- ing case portfolio will translate into prof- its. The FactSet consensus is that EPS will be 32p for the end of the year before jump- ing to 94.5p for FY 2022. This seems prom- ising, but analysts have historically missed EPS forecasts by double-digit percentages, so don’t hold your breath. Hold. AS
maddox: IC and FT have totally lost their credibility. Whilst IC have a few good Analysts the rest are journalists that don't like to let the analysis get in the way of a good story. Muddy Waters is good copy so the journos have no interest in challenging it - and they'll repeat the nonsense over and over every time they cover BUR. I dread them writing-up BUR - it's usually horribly inaccurate. For example, Sept 9 IC commenting on the results they decided that the new $79m non-cash accruals arose from a negative revaluation of their case portfolio. In fact, it was the inclusion of an accrual for expenses that would be incurred on a SUCCESSFUL OUTCOME of the fair-value cases (commissions and bonus pool etc). This was a new accounting requirement as a result of the US Listing and adoption of US GAAP accounting standards. But hey, why miss the opportunity to negatively portray the facts. IC used to allow 'user comments' below each article - this functionality was removed - I wonder why? Regards Maddox
devalpha: syoun2....with all due respect, whether the IC are upbeat or not on bur is totally irrelevant. What matters is business progress.Always remember that the IC & FT were very bullish on bur up until Block's report, and then immediately changed tact after reading, and obviously believing in the content of that report.They clearly had no real knowledge of bur's business prior to the report, and were basing their bullishness on the fact that the price was going up!Similarly, they then based their negative views on the fact that the price went down after Block's report.Hardly inspired financial journalism.
maddox: It's obviously a good thing to have pundits promoting BUR - but I doubt they'll be revealing any new perspective on the investment case. Essentially, the investment case is a very simple one: BUR have an investment portfolio of $4.765bn as at 1H21 which has grown at a CAGR of 46% (19 month doubling-time) over recent years. BUR have generated, looking at the historic cumulative returns on concluded cases, a return on invested capital (ROIC) of 95%, equivalent to an internal rate of return (IRR) of 30%. This level of high return is generated without a commensurate high level of risk. The liquidity position is very strong with $420m of cash/cash equivalents at 1H21 (excluding Akhmedov settlement cash). This is thus an extraordinarily attractive risk/reward opportunity. Simples!
maddox: It is a common theme across all the quoted LitFin firms that they don't take on cases where there are doubts about the defendant's ability to pay the settlement/award. It clearly wouldn't make much sense to win a case and then not be able to recover the award. BUR have a specialist Recovery Division that does just this - I suspect it doesn't get too many easy cases. We heard a lot of negative comment about BUR's ability to make recovery in the Akhmedov judgement enforcement. The papers were highly sceptical in their lurid coverage - The Times 'Russian oligarch’s ex-wife sends mercenaries to seize £225m yacht' for example. Ultimately, it was a spectacular success that I expect has enhanced BUR's reputation as the 'go to' firm for similar work. I'm certainly not able to assert an opinion one way or other on the chances of making a successful recovery of a judgement against YPF/Argentina. However, Mr Market doesn't appear to be pricing-in the value of a win into BUR's share price. So, we appear to have a free lottery ticket on the outcome - which to my mind is a pretty good position to be in as an investor. Of those BB posters/commentators with more certain opinions of a poor outcome for BUR - I wonder whom they are trying to persuade - or are they just trying to overcome their own fear of missing out(FOMO)? Regards, Maddox
lomax99: IC:Burford income drops because of Covid-19 disruptionsIts income was down, as 43 per cent of its funded cases were delayed, but it has deployed record amounts of new capital.Litigation funder Burford Capital (BUR) deployed more cash in the first half of the year than ever before but Covid-19 has clogged up the court system meaning its income was down. The tricky thing with litigation funders is that their income is lumpy and their accounting practices are often confusing. Burford is no exception. For Burford, the first half of this year was a perfect example of these issues. It swung from a profit before tax of $187m (£136m) in the first half of last year to a $67.5m loss this year. Income was down 68 per cent because 43 per cent of ongoing cases were delayed by Covid-19. Burford only gets its investment back when the cases they fund win, so Covid-19 clogging up court procedures is not good for its cash flow.On top of the hit to losses, it also had to include some non-cash accruals in its operating expenses. This is because it reassessed the "actual and expected value of its portfolio". In other words, some of the cases in the portfolio aren't going to generate as much income as previously hoped for. These non-cash accruals came in at $78.9m. It's tricky to account for the success or not of the cases it invests in, so these non-cash accruals are an expected hazard when looking at Burford.However, Burford can point to its 95 per cent return on invested capital (ROIC) as evidence that it is quite good at picking winning cases. Its ROIC was pushed up this year thanks to a full $103m entitlement in the Akhmedov judgment - which generated an ROIC of 233 per cent.The company will be hoping that it can continue to generate the 95 per cent ROIC on the $503m group-wide capital commitments it made in the first half of the year. This was four times higher than the first half of last year. Commitments had slowed in 2020 because clients paused expensive legal procedures during the uncertainty of the pandemic, so an uptick is expected as people return to courtrooms to deal with pandemic delayed disputes. Brokers seem confident that its growing case portfolio will translate into profits. The FactSet broker consensus is that EPS will be 43.8p for the end of the year before jumping to 93.7p for FY22.Forecasts dropped significantly since March this year, although analysts have historically missed by double digit percentages, so take them with a pinch of salt. Hold.
scubadiverr: https://seekingalpha.com/article/4454385-burford-capital-limited-bur-ceo-christopher-bogart-on-q2-2021-results-earnings-call?mail_subject=bur-burford-capital-limited-bur-ceo-christopher-bogart-on-q2-2021-results-earnings-call-transcript&utm_campaign=rta-stock-article&utm_content=link-0&utm_medium=email&utm_source=seeking_alpha
rar100: Please excuse my ignorance but after the recent RNS, are we expecting anything new and hopefully positive in the interims on the 9th Sept.? I had a 'those were the days my friend' moment the other day, I found a shopping list in an old jacket pocket not worn for years, on the reverse side was half an A4 printout of my portfolio, BUR share price was 1811.00 up 66p on the day. Fevertree 2970 up 71p, Future 803 up 9p. So BUR has many more cases now etc. etc. and yet it struggles with £9 share price Funny old world. mind you the RNS was like another shot in the foot by BUR. Bag of crisps offered for correct date of BUR share price at 1811. GLA
rar100: BMO’s Cane tops up holding in Burford Capital BMO’s Julian Cane has topped up his stake in litigation finance provider Burford Capital (BURF), which he invested in after the short-selling attack against the company two years ago. The manager of the £376m BMO Capital & Income (BCI) investment trust, said in his latest factsheet that Burford was one of the biggest contributors to performance in April, as the shares rose 52%. Burford was hit by a short-selling attack in the summer of 2019 after hedge fund Muddy Waters claimed the group had been ‘egregiously misrepresenting̵7; its return on investment, was ‘arguably insolvent’, and was at ‘high risk of having a liquidity crunch’ – all of which Burford denied. ‘Burford Capital is a company we backed throughout the short-selling attack it came under from a number of hedge funds,’ he said. ‘Having carried out our own research, we found no substance to the allegations and believed the share price had become too detached from a more rational assessment of the company’s value. Following another good set of results at the end of March, we increased our investment further.’ Shares in Burford closed down 3.3%, or 26p, at 766p on Friday. ------------------------------------------------------- So it's still the valuation of BUR that is confusing the market or maybe splitting the market is a more apt description. BMO did well after the MW attack, bought at rock bottom so not rocket science. I'd be more impressed by Scottish Mortgage buying in.. Good to see a plug for BUR even if a bit weak
lomax99: As positive as ever:IC:Burford plays to a new audienceThe litigation finance specialist's US listing could affect future dividend paymentsFrom Aim to the New York Stock Exchange: Burford Capital's (BUR) ascent through the equity league tables is the sort of journey bourse bosses like to crow about. Yet with its share price still trapped below the level it first sank to after a damaging 2019 report from short seller Muddy Waters, the litigation finance house is less of a poster child for growth than a warning about market exuberance and volatility.Naturally, Burford debates the fairness of that characterisation. So too, it would appear, does a fresh intake of backers: since October's US listing, there has been considerable churn at the top of the shareholder register. After long-term holder Invesco, stateside investors Conifer Management LLC, CI, Coltrane Asset Management and the Texas teachers' pension fund now occupy the top five institutional investor slots.Mithaq Capital, a Saudi investment firm backed by the Al Rajhi family, is now the largest investor with 10.5 per cent of the business.Headline figures for Burford's first set of full results since its secondary float were well flagged a month ago. "Capital provision-direct assets" – that is, legal claims funded directly by Burford – generated $325m (£237m) in cash proceeds in 2020, a rise of 55 per cent year-on-year. Indirect assets, managed on behalf of fund clients, generated $173m in cash.Despite apparently limitless options to re-deploy those proceeds – group-wide assets increased to $4.5bn in the year, $2.9bn of which is attributable to Burford's balance sheet – a record period for cash realisation failed to translate into an increase in operating profits, which dipped 6 per cent.Management put this down to the cost of subsidising third-party funds today in the hopes of netting future performance fees. Burford therefore absorbs all operating costs, but books around half of each dollar deployed.After Covid-19 forced a suspension in the dividend this time last year, a final 12.5¢-a-share pay-out is welcome news for long-term holders, though anyone hoping for a formal distribution policy may be disappointed. Management expects to maintain the dividend at its current level, but demand for cash elsewhere in the business and the tax inefficiency of pay-outs for US investors means this will be reviewed "from time to time".Highlighting this demand for working capital was a separate announcement of a fresh private market bond offering, to raise $350m for general corporate purposes and on unspecified terms.Consensus forecasts are for earnings of 138¢ per share this year, 97¢ in 2022, and $2.36 in 2023, when several analysts predict a windfall from the Petersen case. We remain neutral: hold.
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