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Share Name Share Symbol Market Type Share ISIN Share Description
Burford Capital Limited LSE:BUR London Ordinary Share GG00B4L84979 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -45.00p -2.79% 1,569.00p 1,580.00p 1,583.00p 1,608.00p 1,548.00p 1,605.00p 1,314,874 16:35:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 314.6 239.3 82.9 18.9 -

Burford Capital Share Discussion Threads

Showing 7001 to 7022 of 7025 messages
Chat Pages: 281  280  279  278  277  276  275  274  273  272  271  270  Older
DateSubjectAuthorDiscuss
25/6/2019
18:03
Can't get my head around it either brexitplus, Though Christopher Bogart & Jonathan Molot are very smart and ahead of the game, I'm sure they will get around it.
qruz
25/6/2019
17:54
Dulux is more active, no?
minerve 2
25/6/2019
17:20
Amazing how Burford can release excellent news, results and Petersen, and the share price drops. Perhaps if there is bad news it will rise.
brexitplus
25/6/2019
15:35
Prudent risk management in my view.
sogoesit
25/6/2019
15:30
"Now that this investment has concluded, Burford is able to provide a valuation history for the matter, which illustrates Burford's longstanding and conservative valuation process. At the end of 2016, at a point when the arbitral tribunal had decided the key question of jurisdiction in Teinver's favour but had not decided the merits of the case, the investment was carried at a fair value of $30 million, $17 million of which was recognised as an unrealised gain (19% of the ultimate total profit) and $13 million of which was cost. During 2017, the arbitral tribunal decided the entire matter in Teinver's favour and awarded it substantial damages, and Burford increased the investment's fair value by $39 million to $69 million, generating $39 million of unrealised gain and bringing the total amount of unrealised gain to $56 million (60% of the ultimate profit). In 2018, when Burford sold the investment, it recognised a further $31 million of income to bring the matter to $100 million of proceeds and an $87 million realised gain. Now, in 2019, Burford will recognise the final $7 million of income associated with the put's expiration" https://www.investegate.co.uk/burford-capital-ltd--bur-/rns/burford-sees-successful-end-to-teinver-annulment/201905300700015798A/ Taking that as a guide to the way Burford works would indicate that where we are with the Petersen and YPF cases corresponds to the first stage in the Teinver case, a decision on case jurisdiction. Now if a third party is prepared to buy part of the case rights in a case which may still have quite some time to run and Burford decide to hedge that risk by selling part of the case to the third party, so be it. Burford may take a more cautious approach than that third party in valuing the case at that particular time but decides to partially hedge its own risk while taking a nice profit. Nothing wrong in that..
galatea99
25/6/2019
15:20
Why -that's not where you find the rules on FVA.
trident5
25/6/2019
15:14
Check yourself in Burford's reports and the interviews with Chris Bogart.
galatea99
25/6/2019
15:11
Galatea - discounting like that is not in accordance with fair value accounting.
trident5
25/6/2019
15:05
"they'll have used the last valuation mark last year as the basis for "value", possibly discounted by a proportion?" That's what I'm saying but I'd expect them to be consistently conservative and apply a large discount factor. I seem to recall that Chris Bogart has already covered this in one of his interviews. I recall a figure of 30% of implied case value being the base line Burford used.
galatea99
25/6/2019
14:50
I sruggle to see how they'd be booking as large a gain in 2019 H1 of $60-70m. Surely (if they are applying their accounting policy consistently), they'll have used the last valuation mark last year as the basis for "value", possibly discounted by a proportion?
kirkie001
25/6/2019
14:44
galatea99 Interesting point. It would certainly useful to know its most recent B/S valuation to get an indication of just how conservative an approach is taken by BUR.
shanklin
25/6/2019
14:37
shanklin, #6356 "My other thought was about you suggesting a realised gain of $100m; obviously that is the incoming cash, but I think the associated profit on this sale is $20m as it will already have had a value (of $80m) on the BUR B/S." We don't actually know that Burford would have been carrying their holding on the Balance Sheet on an implied whole case value of $800m. They did sell a 4% stake at an implied value of $800m, that's true, but it does not mean that they would have necessarily used the same implied case value for their remaining stake. Since they seem to be very conservative in their valuation of cases in progress, I'd be inclined to think it would have been on the books at perhaps only 30% or 40% of that and thus that the real profit to be taken on this latest transaction will be much greater than the figure you mention of $20m. I'd expect there to be about $60m or $70m to be taken into profit on this latest transaction, besides a mark-up on the value of the residual stake to reflect the increase of 25% in the secondary market value. I would not be at all surprised if overall there actually is about $100m (about £80m) or so to be taken to profit in this half-year on the Petersen and Eton Park cases.
galatea99
25/6/2019
14:12
I have no issue with them selling of, increasingly valuable, portions of the claim - seems eminently sensible, crystallising increased returns and providing funds for re-investment. They have promised to retain just over 50%, so will have a significant interest in the end outcome.
lomax99
25/6/2019
13:54
Well - what they aren't is in control of when a case settles, or not. So surely, based on the facts, if they can find a willing third party who is able to buy a proportion of a claim off them based on the fact pattern and their due diligence - that's the best possible evidence as to value, right? So I'm really struggling to see a downside to what they're doing - unless they are selling out and crystallising losses?
kirkie001
25/6/2019
12:50
If it's a mechanism for writing up unrealised gains - then it's being done off the basis of an actual transaction which has taken place: therefore giving a market observable basis for the value (as opposed to a theorerical value based on an assessment of the likely value)? So - therefore - better evidence? Or am I missing something?
kirkie001
25/6/2019
12:23
Alphabet - do you think the sale was organised and executed yesterday - between the hearing and the release of the RNS? It could be prudent risk management - it could also be a mechanism for writing up unrealised gains.
trident5
25/6/2019
12:20
YPF showing absolutely no inclination to settle: Https://www.courtlistener.com/recap/gov.uscourts.nysd.440752/gov.uscourts.nysd.440752.87.0.pdf
bestace
25/6/2019
11:52
Trident - Burford can't control the hearing timetable. If they were doing this outside a notable event then there would be a case but each time they're selling it is because something has changed to up the value of their investment. If they didn't sell stakes then they would still be consequently upping the valuation on the case value anyway which would still feed into the accounts. Looks nothing more than prudent risk management.
alphabeta4
25/6/2019
11:38
What has Portia, not the heiress of Belmont, done now (as I must have missed it)? Anyway, the illogicality (is that a word?) of the share price reaction to more cash for compounding and a re-valuation of Petersen means that something is adrift and it presents me with an accumulation opportunity. (Reminder: 1630'ish gets it back on the 95% CAGR trend line going back to December 2016... 95% I repeat).
sogoesit
25/6/2019
11:37
No problem Martin. I only referred to the realised gain as a profit banked in response to the view of many that unrealised gains are effectively worthless. With the decision going in their favour, I can only see the notional value of the remaining 61.25% increasing as the pressure grows on Argentina to settle. Regardless, BUR continue to generate exceptional returns.
xajorkith
25/6/2019
10:36
Volumes today very low. Thank you Portia Patel for helping me top up at a big discount with your naive analysis.
brexitplus
25/6/2019
10:31
Trident - I'm not sure I understand you? They've sold this investment in June - after the year end (obviously!), after the accounts for the year end were signed off, and before the half year end....
kirkie001
Chat Pages: 281  280  279  278  277  276  275  274  273  272  271  270  Older
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