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 Shares Traded Last Trade
  -74.00p -4.20% 1,686.00p 1,088,151 16:35:04
Bid Price Offer Price High Price Low Price Open Price
1,688.00p 1,692.00p 1,764.00p 1,676.00p 1,764.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 314.61 239.26 82.89 21.1 3,686.4

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Date Time Title Posts
24/3/201915:28BURFORD CAPITAL :::::::::::::::::::::::::: Litigation Funding5,304
16/3/201913:37BUR Charts496
02/1/201909:55Listed Litigation Funding Companies-
20/11/201806:16burford capital-
15/8/201412:33BUY and HOLD in Burford Capital (BUR)-

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Burford Capital Daily Update: Burford Capital Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker BUR. The last closing price for Burford Capital was 1,760p.
Burford Capital Limited has a 4 week average price of 1,676p and a 12 week average price of 1,530p.
The 1 year high share price is 2,075p while the 1 year low share price is currently 1,286p.
There are currently 218,649,877 shares in issue and the average daily traded volume is 968,566 shares. The market capitalisation of Burford Capital Limited is £3,686,436,926.22.
houseofpain1: Whilst admitting that I expected the share price to react more positively to yesterday’s results, this is a multi-year growth story so I would urge people not to worry about the share price day-to-day provided you have a long investment time horizon. Given the level of commitments written in 2018 (and in 2017), and assuming broadly similar returns to those achieved historically, it seems very likely that burfords earnings and NAV will continue to grow substantially over the next few years. So, without digging into the detail of current valuation etc, I think that probably the best thing to do with your Burford holding is to head to the beach and come back and see where the share price is in 5 years!
williamcooper104: I’ve been roping up since c£1.20p - so very happy But whereas at first when the book/invested capital to market value ratio was reasonable the risk was v low - You cannot really lose, or only lose a little on a portfolio of claims, I’m now a lot more nervous as there’s too much forth factored into the share price - so one years of bad results/slow down in expansion could have a large impact on the share price Moving into fund management only amplified share price leverage in that a downturn in success leads to falls in AUM (albeit their fund investors do not have the ability to pull out quickly) It’s still a great company - but I’m happy to take profits (sold half my exposure about 12 months ago at c£17) The issue is when you’re run away success becomes such a large part of your portfolio - good problem to have though Have had a spin on Mano too - so still in love with litigation funding
rar100: Article on Stockopedia.. (Their stock rank at 38 and Momentum Trap description always baffled me) Stock in Focus: Can momentum be maintained at Burford Capital? Tuesday, Mar 05 2019 by Roland Head 23 comments 2101 reads 27 | Report Litigation financing specialist Burford Capital has been one of the most successful stock market performers of recent times. The AIM-listed firm’s share price has risen by about 1,200% in just four years. It now commands a market cap that would place it near the top of the FTSE 250. However, Stockopedia’s algorithms have recently flagged up this stock as a potential Momentum Trap, a losing style that suggests valuation has risen far ahead of fundamentals. There are no new stocks to add to my SIF fund this week, so instead I’ve decided to take a closer look at Burford Capital’s performance to date. I’ll be asking whether now might be a good time to take profits -- or whether this is actually the kind of stock I should be buying. Litigation finance is hot There seems to be no limit to the current market appetite for litigation finance. Investors seem happy to provide increasing amounts of money to firms such as Burford Capital, in the hope that its legal expertise and skilled due diligence will result in a profitable settlement in a few years’ time. Burford remains the standout success on the UK market, but it’s growth has triggered a string of me-too flotations on AIM over the last year: • Manolete Partners (LON:MANO) - specialises in insolvency cases, which are said to be quicker to resolve than some other types • Rosenblatt (LON:RBGP) - this established law firm plans to use IPO proceeds to seed a new litigation finance division • Litigation Capital Management (LON:LIT) - an Australian firm that listed in December 2018 • A fourth firm, Vannin Capital, planned to float in October 2018 but cancelled its IPO due to market volatility It’s too soon to judge the track records of these recent arrivals. But Burford has been listed since 2009 and now commands a £3.9bn market cap. I think we should be able to learn something interesting from its numbers. How are profits calculated? Burford’s annual profits are based largely on estimates of the likely outcome of the legal cases in which it has invested. IFRS accounting rules specify that litigation financiers can book non-cash gains on cases, based on an independent review of the likelihood of success and the potential value of any settlement. The problem is that these cases often take many years to resolve. So while money floods into firms like Burford, we have little real idea of how consistent and sustainable its track record of wins will be. The company’s 2017 annual report shows that it still has investments ongoing from 2010, although the average length of a case is said to be about two years. The report also shows that the amount committed to investments each year has risen from $11.5m in 2009 to $697.8m in 2017. Despite this incredible rate of growth, the supply of potential cases appears to be almost unlimited. The company says that in 2017, its selection process resulted in 59 closed investments from 1,561 initial approaches. The class of the field? At the end of 2017, the company said that since 2009, it had delivered a 75% return on invested capital on investments of $442.8m. It seems fair to assume that the company has some fine legal brains on its team, as well as good accountants. But it’s worth noting that these impressive returns could be adversely affected if the returns from the firm’s ongoing investments -- which totalled $628.8m at the end of 2017 -- don’t match previous results. It’s also worth remembering that this business is a black box for most investors. Although I think Burford makes a good effort to be as transparent as possible, there is no way for most investors to assess the likely outcome of litigation cases, however much information might be available. Since its flotation in 2009, Burford has expanded rapidly to take advantage of what appears to be strong demand. This has meant that despite rising cash receipts, new investments made each year have consistently exceeded the return from concluded cases. That’s understandable, but it’s not without risk, in my view. Cash vs profits As a fairly conservative investor, I feel that the ultimate measure of success for Burford will be that it returns more cash to investors than it invests each year. How close is Burford to reaching this point? I’ve taken a look at the firm’s accounts to find out more: 2018: During H1, Burford reported $342.6m of cash proceeds from investments and committed $540.3m of new funding. In H2, Burford has secured $1.6bn of committed funding, of which it will provide $633m. The company will benefit from what appear to me to be generous management fees and profit share arrangements on the capital provided by external investors. My view: There are no obvious red flags here. Burford’s cash receipts have grown faster than its reported profits, which suggests the company has made some good investments so far. Debt levels look fine so far. 2017 net debt was less than one year’s cash inflows. The shift towards external funding means that outside investors will get a growing share of the group’s profits. I’d guess that it may also reduce Burford’s funding obligations and slow the increase in debt. Eventually, perhaps we will see the firm’s accounts start to represent those of a fund manager. Principal investing: One area that I think is worth watching is the group’s expansion into “principal investing”. This is where Burford takes a position in an asset that will be involved in a litigation claim. In 2017, $500m was raised to pursue this strategy. An example given by the firm is that it might buy distressed bonds in a corporate fraud case, and then take part in litigation against the perpetrator of the fraud. Management say that principal investing will allow Burford to “exercise more control over litigation outcomes than we are permitted to exercise as a financier”. With my sceptical hat on, I would suggest that principal investing might also function as a kind of leverage. When successful, it could amplify the returns that might be received from financing. Of course, in unsuccessful cases, the opposite might apply. Are the StockRanks right? Stockopedia’s algorithms respect the firm’s consistent strong growth, but Burford scores poorly elsewhere: Are the StockRanks right? Looked at in purely financial terms, Burford is a business with fast-rising profits: Very high profit margins and returns on equity: But negative cash flows and rising debt: Looked at in these terms, the firm sounds pretty dubious! However, I don’t think this is a fair way to characterise this business. Burford does appear to be a significant and successful player in a growing part of the legal sector. There are two risks that would stop me investing. The first is that the black box nature of the business appears to make it impossible for investors to form an informed judgement. The second is that the group’s aggressive growth poses an additional risk (in my opinion) and prevents it generating any free cash flow. Overall, I think the StockRanks are giving us a balanced view of the current situation. Although I would agree that the stock’s rolling forecast P/E of 16 and 0.6% yield actually seems quite reasonable for a growth stock, I think the stock’s valuation might be better measured relative to its balance sheet. The H1 2018 balance sheet shows investments valued at $1.2bn and a net asset value of nearly $1bn. Burford’s market cap of £3.9bn values the equity at more than five times this book value. When combined with the shift towards external financing, I think this valuation could come under pressure. The situation is too speculative for me personally.
djderry: As I have long ago filtered the idiot above,could I ask posters not to summarize his idiot postings.They have nothing to add to the conversation and,if acted upon,may cause one to lose money.As regards the Burford share price,I,like everyone reading this ,have no idea what it will do over the short term.No one does.One needs to get used to uncertainty.As always,the share price tells us nothing,apart from a (changing) price point.What matters is the performance and execution of the strategy.What I'm being asked to pay comes way down a very long list.I now have over 200K (euro) invested in the share.March will give a little indication of how things have been going.I'm in for the long haul.All the other stuff is just noise.None of the above makes me right.Only time will tell.
lomax99: Holberg manager digs more gold in the US Https:// Holberg manager digs more gold in the US In November, we talked about an active manager's pursuit of investments that can yield excess returns. Holberg Global responsible for Harald Jeremiassen is hunting best when he is at conferences and can see top managers in the white clothing. - Everyone has heard about the companies that are presenting themselves on day 1. In Norway, for example, this would have been Equinor, DNB or Telenor. As a manager, it is unlikely that you manage to identify any serious errors with the market's valuation of companies such as this. The possibility of creating real excess returns is far greater when you arrive at day 3, when you feel most tired, he told that time. - Clearly the most important thing is to understand the business model and whether it will remain intact through troubled periods. Reading reports doesn't mean you have to see the management in the whites and hear them explain themselves, Jeremiassen continued.Also read: The Holberg Manager's unknown gold nuggets Dig more gold in the US Now the manager has found a new "day 3 company". The baby is American and is called Burford Capital. The company offers financing in connection with litigation, arbitrage or other legal disputes. The company currently has over 50 experienced lawyers who specialize in assessing legal requirements and appreciate these requirements. In practice, Burford Capital issues claims with a mortgage on the assets to which the lawsuit relates. Demand for the company's services seems strong, and in 2017, Burford invested in less than four percent of incoming requests. - Extremely exciting- An extremely exciting case. In practice, the company has built up an entire industry, says Jeremiassen to today. - We came across the company at a technology conference in London in December, and the senior management gave a solid impression. A few days after joining around one percent of the fund, he adds. Holberg Global has now passed NOK 2 billion in total assets, and is now ahead of its benchmark over both three, five and 10 years, after the fund was in arrears in November. Burford Capital has an impressive history to point to.Earnings per share (EPS) have risen 66 percent annually on average over the past five years. Similarly, the share price during the same period is up 76 per cent on average per year. The activity level has doubled during the same five years.- The stock is up 15 percent since we entered, shooting Jeremiassen.- A great modelThe company offers what, according to the manager, is a new and unique payment model within the law industry: "no cure, no pay". - The brilliance of Burford Capital is that they pursue cases that would not otherwise have been followed up in the court. Legal proceedings take a long time and cost a lot of money. Top executives are reluctant to set aside the required number of dollars for anything that is outside of core business. And if you're lucky enough to win the case, it's just an extraordinary win, says Jeremiassen. He emphasizes that the company only recommends cases where the claim is considered to have "high, potential economic value", and of course, success must be considered as highly probable. "A court process can at worst take 5-7 years, but Burford Capital has been good at picking cases and settling. If the customer wins, the company takes out 1/3 of the potential value of the claim, and this share has stood firm as the company has grown. It is a simple and straightforward but canon-good model, and no customers complain, Holberg Manager says. Lawyer and bank hybridAnd it may not be so strange when we weigh up potential downside and upside for the customer. - Recommending Burford Capital to run the case, the company raises loan financing (for example, 15 percent of the potential value of the claim) on behalf of the customer, thus eliminating the cost of their own accounts. And should the "worst case" occur (to lose the case), the customer pays nothing. At the same time, the upside is left with 66 percent of the potential value of the claim, and a pat on the shoulder from the boss, explains Jeremiassen. He emphasizes that Burford Capital does not conduct cases, but offers financing in matters the company recommends. Customers also receive a recommendation for large, well-known law firms that should conduct the cases. - From the outside, the law firm is a place you want to invest: the environment is closed, regulation strict and wages very good. Law firms themselves cannot be banks and build companies like Burford Capital, so here is room for players who settle in the bed between the lawyer and the banking industry, says the manager.- Definitely megatrend Can lawsuit financing be a megatrend? - So definitely. Is there something that is safe in life, it is death, the treasure and that people are going to sue each other. And then you can argue that the industry is countercyclical. People sue each other in boat (google translate)
mad foetus: I've just got around to finishing the Liberum note and one interesting takeaway which I wish I could post but my skills and laptop don't allow me to is figure 32, a graph of the share price vs 12 month forward EPS. It shows that these 2 have moved pretty much in tandem for the last 3 years, until the price breakdown in the autumn. To get back on track the share price would need to be about £21/22 now. WHile the note is good, it does all the time play down the potential, so it is very conservative. If ROIC continues at historic levels or higher, then the target share price will be vastly higher. The March results should be very interesting.
djderry: A question for the investors on the board.How long can you go without looking at the share price? A day?A week?A year? An hour? For the true investor,the share price shouldn't matter,unless one wishes to buy or sell.If you haven't done your due diligence,then you will be shaken out by the spivs and tree-shakers.Those who deal with the facts,understand that all equities carry certain risks This is why they are termed 'risk assets'.They also know that Burford's impressive track record (again,at the risk of repeating myself,forget the share price )provides solid support,increased spread and diversity in its total litigation risk portfolio, across a wide base of uncorrelated cases.Added to this,the acquisition of GKC,making it the largest litigation financier in the world.Economies of scale,deep expertise and largely uncorrelated to the rest of the market.(Of course,all equities are correlated but that completely missed the point,in a recession ,corporates often cut costs and corners,then they call the lawyers).I could go in and on,but you get the picture.
alroyrob: After a week of seeing BUR getting dragged down along with the world markets correction I'm sure 'most' on here would hope to see a bounce back to a 'fair value' share price. It's very difficult to come to a specific price but I would have thought somewhere around the placing price would be agreed by most investors, for the time being. I came across an article from a few weeks ago that uses a calculation for reaching an 'intrinsic value' which turns out to be very close to the placing price too at £18.38. hxxps:// Due to the confident comments from the BUR legal team I am hopeful of a conclusion and sale of the oligarch's yacht by EOY which would of course propel the share price back through £20.
galatea99: AOL/Motley Fool article arguing that Burford is seriously underpriced: "Burford Capital(LSE: BUR) has grown 10-fold in the last 3 years and now has a market cap of over 4 billion. Most investors won’t be familiar with Burford because it operates in a new sector and has only been listed on the Alternative Investment Market (AIM). It provides capital to the legal sector, covering the costs of cases for legal companies and corporations, and is rewarded if the case is settled or there is a payout. Burford takes on the risk that legal firms and corporations are unwilling or unable to take, and has become an expert in investing in the asset value of legal claims. Reasonably valued for a quality company Return on capital employed (ROCE) is a good measure of how well a business is utilising its funds, and one that is recommended by Warren Buffett. Burford has a ROCE of 17.5%, which is extremely efficient. It also has an 82.1% operating margin as its costs are very low. As long as Burford has a high ROCE, the small dividend is not a drawback as the company should be generating superior profits on that capital, which should reflect in an increasing share price. The company currently has a price-to-earnings ratio (P/E) of 19, although in the current bull market I think a P/E of 30 based on its high quality and current level of growth would be fair. Compared to other investment companies such as the high flyer Hargreaves Lansdown, which has a similar profile and a stretched P/E of 37.7, Burford looks very reasonably priced. High risk, high reward Most people will know how risky litigation is and how long cases can last, which could lead to very unpredictable earnings for Burford. Fortunately the size of the payouts are much higher than legal costs, which has led to Burford having a good record of beating expectations. The company is run by former lawyers who know legal cases very well and are skilled at assessing the level of the risk involved, and as a result only invest in a small amount of cases that they are offered. Some investors may not be comfortable with the amount of value that this company has locked into legal cases but this provides considerable benefits. The payout from claims is not correlated with market conditions and results should not suffer in the event of an economic downturn. Burford also has a significant advantage as market leader, as its reputation and large capital base make it very difficult for new companies to compete. Buy and hold This is a company that I would buy and hold as the risks in this sector and the speed that it is growing at will cause some price volatility; however, it is reasonable to assume that these will level out over the long term. The CEO has stated that it is comfortable listed on the AIM but if Burford continues to grow then it may consider joining the main market to enhance its reputation. This should increase the value of the share price as tracker funds would purchase shares of Burford when it joined the index." Https://
galatea99: Some background on the Petersen case judgement which is the subject of the present appeal by the Argentine Government. The main point of their appeal is to transfer jurisdiction from the US to Argentina. The decision of the NY Appeals Court on this matter ought to be made very soon. Rejection of the Argentine appeal ought to give a boost to the BUR share price. hxxps://
Burford Capital share price data is direct from the London Stock Exchange
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