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Share Name Share Symbol Market Type Share ISIN Share Description
Burford Capital Limited LSE:BUR London Ordinary Share GG00BMGYLN96 ORD NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  -3.50 -0.45% 782.00 288,803 16:35:04
Bid Price Offer Price High Price Low Price Open Price
784.50 786.00 788.00 769.50 788.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 276.01 170.05 73.14 10.8 1,710
Last Trade Time Trade Type Trade Size Trade Price Currency
18:17:42 O 525 786.454 GBX

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Date Time Title Posts
25/11/202018:48BURFORD CAPITAL :::::::::::::::::::::::::: Litigation Funding20,170
12/11/202016:14BUR Charts931
20/8/202015:57news -
17/10/201910:13Burren could bid for Ramco?18
26/7/201909:09Half year call-

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Burford Capital (BUR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
18:17:42786.455254,128.88O
17:11:28781.973232,525.77O
17:11:28785.911631,281.03O
17:08:01782.443742,926.31O
17:04:13782.123863,019.00O
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Burford Capital (BUR) Top Chat Posts

DateSubject
25/11/2020
08:20
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 785.50p.
Burford Capital Limited has a 4 week average price of 633p and a 12 week average price of 546p.
The 1 year high share price is 846p while the 1 year low share price is currently 251p.
There are currently 218,649,877 shares in issue and the average daily traded volume is 369,665 shares. The market capitalisation of Burford Capital Limited is £1,709,842,038.14.
21/11/2020
13:03
djderry: I continue to fret about the company's decimated/moribund share price.Not because of its price per se,as you know ,the share price tells one nothing about the company's actual performance.Rather,because I think it makes Burford a sitting duck for an opportunistic bid.I've said it before,I believe that , particularly,private equity will look at the mouth watering metrics,ROIC and IRR.Then,the launch on the NYSE and the regulatory scrutiny that the company passed with flying colours,as we all knew it would.I believe the company is extremely vunerable.Personally,I have no problem with a decimated share price,as long as I know I can enjoy the rewards as the company continues to execute its strategy.In simple terms,we have a $4 billion dollar portfolio on a roughly 50% discount to original investment.And the future returns on these investments will be multiples of that,even on a conservative estimate.I will start to become more comfortable with the share price at the £15 to £16 level.The company would still not be out of the woods at that stage but ,at least,might be a slightly more indigestible morsel.
18/11/2020
09:51
maddox: NYSE doing its best to push-up BUR share price - with AIM pulling it back down, but momentum appears to be building. Once we're rid of the weak holders, we should see a decisive move up. On a p/e of 7.4 and PEG of 0.3 the valuation certainly isn't a barrier for this rapidly growing business. The legal sector is a relatively new green field prospect for investors but exhibits the attractive high growth, high profit characteristics similar to the hugely popular Tech Sector. With c. 40% of BUR's revenue derived from the US BUR looks very much at home on the NYSE.
27/10/2020
11:02
djderry: The share price doesn't matter.Obsessing over the share price doesn't matter.Spending precious moments of one's life looking at share prices improves one's life not a jot.Unless,of course,one is about to buy or sell a stock.Speaking of which,I was happy to add,again this morning.( Holding well over 50,000 shares at this stage). I've been saying the same for years ,but here goes;Often,and in the case of Burford ,almost always,the share price has little or no relationship with the fundamentals of the business.Secondly,the price of the share varies for reasons that have nothing to do with the business.Thirdly,bleating and moaning about it makes no difference.( The corollary is also true,hyping and ' pumping' the company makes no difference.) Long term investors understand this.If you are not a long term investor,you shouldn't really be here.
19/10/2020
13:36
brexitplus: BURFORD CAPITAL BEGINS TRADING ON THE NEW YORK STOCK EXCHANGE NYSE-listing is a first for the growing legal finance market Burford Capital Limited ("Burford Capital" or "Burford" or "the Company"), the leading global finance and asset management firm focused on law, today announced that it has successfully listed on the New York Stock Exchange ("NYSE"), becoming the first ever legal finance firm to be publicly traded in the US and the first dual listed company in the legal finance industry. Burford's listing not only marks a milestone in its own history, it also brings increased visibility and accountability to the global commercial legal finance market. Legal finance is increasingly relevant given economic pressures that make businesses eager to contain costs, conserve cash and maximize profitability , and as commercial disputes typically rise following a downturn, the need for finance will increase. Since its launch in 2009, Burford has achieved notable success in identifying and monetizing legal claim assets-the core skillset of legal finance. It has worked with Fortune 500 companies as well as 93 of the AmLaw 100 and 89 of the 100 largest global law firms, providing financing for fees and expenses associated with commercial disputes as well as monetizing claims and awards, and has built a $4 billion portfolio. A recent example of Burford's activity is the $75 million monetization of a pending claim for a Fortune 100 company that enabled it to optimize cashflow and offload legal expense risk. Burford shares started trading on the NYSE at 9:30 AM ET today following the completion of the transition of its share register to the US, establishing the company's dual listing on the NYSE and London Stock Exchange AIM . In both listing venues, Burford shares are quoted under the stock ticker BUR with the new ISIN GG00BMGYLN96. Christopher Bogart, CEO of Burford, commented : "This is a proud moment for me, Burford's co-founder Jonathan Molot, and indeed for the whole Burford team. Our NYSE listing exemplifies our culture of excellence, innovation and providing solutions to clients as the leading global finance and asset management firm focused on law. We are, once again, at the forefront of our sector, and our listing is evidence that legal finance is a sophisticated tool that plays an important role in the legal landscape. Our new listing will increase the pool of investors able to invest in Burford's shares while more broadly raising our profile in the US capital markets, which may in time lower our cost of capital. For our clients, this listing gives them further proof that working with us means partnering with a gold standard finance firm that is open and transparent about its operations."
19/10/2020
07:53
stentorian: ii show my BUR holding and value at £7.25/share - but they have invalidated the "BUR" TIDM. ii issued a corporate action notice as follows: "Stock BURFORD CAPITAL LT ORD NPV Event Type Mandatory Conversion Description Mandatory Conversion Terms: 1 new Depository Interest (DI) in Burford Capital for each existing share held. Trading Blocked from: Close of business of 13th October 2020. Expected Effective Date: 19th October 2020 Burford Capital Limited is in the process of arranging for its shares to be listed for trading on the New York Stock Exchange (NYSE). As a result of this, in order to allow trading of your holding in Burford Capital Limited to continue on the Alternative Investment Market (AIM), we will elect on your behalf to convert your existing shares into Depositary Interests (DI's), on a 1-for-1 basis In order to facilitate this, we will block trading in Burford Capital Limited shares at close of business on 13th October 2020. This means you will not be able to sell or buy shares in Burford Capital Limited from that time until we receive the new DI's and credit them to customer accounts. The new DIs are expected to be issued on 19th October 2020 and accounts will be credited upon receipt of these from the UK Depository."
15/10/2020
11:17
rar100: The following is Interactive Investors info on BUR in my p/folio. StockBURFORD CAPITAL LT ORD NPV Event TypeMandatory Conversion DescriptionMandatory Conversion Terms: 1 new Depository Interest (DI) in Burford Capital for each existing share held. Trading Blocked from: Close of business of 13th October 2020. Expected Effective Date: 19th October 2020 Burford Capital Limited is in the process of arranging for its shares to be listed for trading on the New York Stock Exchange (NYSE). As a result of this, in order to allow trading of your holding in Burford Capital Limited to continue on the Alternative Investment Market (AIM), we will elect on your behalf to convert your existing shares into Depositary Interests (DI's), on a 1-for-1 basis In order to facilitate this, we will block trading in Burford Capital Limited shares at close of business on 13th October 2020. This means you will not be able to sell or buy shares in Burford Capital Limited from that time until we receive the new DI's and credit them to customer accounts. The new DIs are expected to be issued on 19th October 2020 and accounts will be credited upon receipt of these from the UK Depository.
14/10/2020
10:57
jeff h: Jefferies - What to look out for next year We stress that BUR is not just about the YPF-related assets, and the H1 2020 results show that clearly, but the Petersen and Eton Park cases are going to trial in June in the Southern District of New York and there is very considerable potential upside...... We would note though that our valuations do not include interest, which might be awarded by the court. We understand that US Federal courts typically apply interest of 9% to judgement debts, charged from the date of the plaintiff's loss. Burford's top-end outcome of $5.6bn is the same as our valuation on the highest YPF P/E ratio in the two years to 12 January 2012 with nine years of 9% interest applied (expropriation in 2012, judgement in 2021). It is definitely not impossible that BUR is awarded a sum about three times its current market cap next summer. Possible outcomes: Loss - If they lose the case and cannot appeal, BUR will write off $773m of its portfolio, crystallising a loss of $3.52 per share. The share price would likely fall even further. If that happens, we would still be buyers of the stock, because the loss of Petersen and Eton Park will not affect the rest of the portfolio, which would probably be undervalued by the market. We expect BUR would appeal if it lost. Win - If BUR does win, the defendants will appeal, probably all the way to the Supreme Court. We think it could take another two years for that process to play out. While we understand that there is a constituency within the company which would like to retain maximum exposure to the case, we think there is also an argument in favour of realising some more value from the asset before it concludes completely....
13/10/2020
12:33
jeff h: Jefferies Burford Capital Ltd - A Big Year Ahead Key Takeaway The HY results supported our thesis that the large commitment vintages of 2016 and onwards should start to have a bigger impact on the P&L from now on. We have high conviction that the $262m receivable generated in the period will be collected, meaning BUR will emerge from the pandemic into a target-rich environment with plenty of firepower. We expect the US listing to be positive, and the YPF cases should go to trial in June. Our PT increases to 1,150p, Buy. Good contribution from recent vintages: H1 realisations of $308m from the direct portfolio included $266m from 18 related cases from three vintages (2016, 2017 and 2019). Although this means returns were fairly concentrated in the period, of the other $42m realised, the bulk came from the 2017 vintage ($39m). So the bigger, more recent vintages provided almost all the realisations, income and profit in the period. Collections will be strong in H2: The cases underlying the bulk of realisations concluded late in H1. They related to a North American Federal Statutory law case in the insurance sector; all avenues of appeal have been exhausted. The company's complete confidence in the creditworthiness of the defendant corresponds with the defendants in matters we can find which concluded before BUR's results on 28 April. We, therefore, expect the company to collect the receivable in full, and most of it this year. War chest building: We expect deployments to remain muted in H2, but slightly up on H1, and the same for commitments. This means our balance sheet cash forecast is $416m for the year-end, up from $316m reported as of 15 September. Assuming the pandemic recedes next year and legal and business processes begin to return to pre-Covid levels, 2021 could be a strong year for commitments, with deployments picking up after that. Investment case reinforced and doubts allayed: The H1 2020 earnings benefited from high returns on 2019 commitments, meaning that BUR has made a 200% ROIC or more on at least one asset from every vintage except 2012 and 2013, demonstrating that it can replicate past success. We also note the steady IRR of c.30% since 2015. The rigorous SEC registration process should put any doubts about BUR's accounting to rest, and the company is well funded, as noted above. YPF-related assets: BUR's investment case is really about consistent high returns, and we expect BUR to be able to average a 60% ROIC in the long term. However, the YPF assets are an outlier which we cannot ignore. If BUR loses at trial in June 2021, they will have made $236m on a $21m investment. If they win, it will likely be a multiple of that. The top end of their possible balance sheet recovery range is $5.6bn,or about 3x the market cap and c. 7x the carrying value of $773m. A trial win in June would not conclude the matter, but it would open up several options for BUR and would be a major event for the share price. What is it worth? We set the YPF assets aside at carrying value ($3.52/share) and value the rest of the business on a P/B multiple derived from a Gordon Growth Model. Our valuation of 1,150p ($14.91) implies the YPF assets are not in the current share price.
02/10/2020
22:44
dagoberia: Hi Maddox, extract of the article:Burford Capital seized on resilient half-year results yesterday to hit back at the criticisms of short-sellers, which have plagued the company since the bear raid of July 2019. The litigation funding company, while conceding it had been hit by a lull in new business because of the pandemic, declared it recovered $820 million from legal battles in the six months to the end of June, up by 32 per cent. Shares in Burford closed 7.5 per cent, or 46¾p, higher at 671¾p, but they still languish far below the level of £16 last July just before the Muddy Waters hedge fund launched a devastating attack on the company, its accounting and its governance. Sir Peter Middleton, chairman, said the figures proved wrong the allegations that the company was built on just one success, a highly lucrative litigation coup in Argentina known as Petersen, and would not be able to repeat it "They end any question about Burford being able to repeat the selection and management of outperforming matters," he said, arguing that the company had also passed the pandemic test "with flying colours". Burford was founded in 2009 as a litigation funding investment house, paying for the upfront costs of clients launching lawsuits in return for a share of the resultant payouts, if any. It was listed on the junior London market Aim and was at one time its largest constituent company. It was badly mauled last year when a Muddy Waters, a short-selling fund, accused the company of "egregiously misrepresenting" its returns and having very unorthodox governance arrangements. The shares crashed by as much as 42 per cent. Burford tried to rebut the allegations, suggesting there had been "illegal market manipulation" of its shares and reformed its governance arrangements. In its latest results Burford said the lockdown had impacted new business in the period, with commitments to new cases down by 74 per cent to $195 million and cash deployments 42 per cent lower at $258 million. Pre-tax profit fell by 15 per cent to £197.9 million. However, the litigation environment had now stabilised and the pipeline of new business was increasing, it said Christopher Bogart, the New York-based chief executive, said the pandemic was likely to produce a surge of new opportunities in areas where companies breached contracts because of supply chain issues or other problems caused by the shutdown. The global financial crisis in 2008 spawned a wave of new cases for many years afterwards, he pointed out. He also argued that Burford's model of providing upfront funding to back litigation cases would be popular with companies desperate to conserve cash. Burford also announced yesterday that it had got through the last stage of the approval process from the US Securities and Exchange Commission to list its shares on the New York Stock Exchange in addition to its Aim listing. Dealings would begin around October 19, it said. Muddy Waters, which is understood to have retained a small short position in Burford, had no immediate comment yesterday. Mr Bogart said: "Unsurprisingly, in a world buffeted by Covid-19 and its ensuing consequences, while our team and operations have been largely unaffected, new business declined. Looking ahead, we see significant opportunity as the sizeable investments we have made have begun to come to fruition and as the economic downturn causes a significant increase in disputes." Behind the story Burford has worked hard to try to put the bear raid of 15 months ago behind it, but for some investors the smell still lingers. Even after yesterday's surge, the shares are no higher than in the days following the Muddy Waters attack Governance shortcomings have been addressed. The founder's wife, Elizabeth O'Connell, was reassigned from her chief financial officer role within days. One director has retired and two new ones have been appointed including Robert Gillespie, a former head of the Takeover Panel. Explaining the accounts of this complex company is a harder nut to crack, however. Putting a monetary value on a litigation case before the judge has ruled on it is difficult. Investors have no choice but to accept the partly subjective judgment of the executives, who inevitably have an interest in being optimistic. But cash banked after a case is indisputable. And Burford had some better news here yesterday. After fighting a group of ten related cases involving insurance claims, the company was able to announce it had scooped $172 million in revenues. The proceeds of litigation are lumpy and uncertain, but they do seem to keep coming. As analysts at Numis put it: "We believe that at some point the market will accept that substantial returns are a core and ongoing, if unpredictable, part of the Burford business and therefore a value should be ascribed to them." It put a "buy" recommendation on the shares. The company also believes the dual listing in the US could be a game changer, making it available to a new cohort of potential investors and also giving it more visibility and credibility in a market where it one day may want to issue bonds.
02/10/2020
08:00
shrout: I understand that carcosa. My point was that the NYSE listing may temporarily reduce demand for the AIM shares because folks/instis in the US impressed by these results may have understandably decided to delay their purchases until Oct 19 rather than dive straight into the AIM shares.. (or perhaps I should say the BUR shares traded on AIM). I was trying to offer a possible explanation for the lacklustre performance of the BUR share price yesterday afternoon after markets opened in the US.
Burford Capital share price data is direct from the London Stock Exchange
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