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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 Shares Traded Last Trade
  -2.00p -0.14% 1,432.00p 504,207 16:35:17
Bid Price Offer Price High Price Low Price Open Price
1,434.00p 1,438.00p 1,450.00p 1,408.00p 1,422.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 253.67 184.49 88.64 15.1 3,131.1

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Date Time Title Posts
15/12/201816:51BURFORD CAPITAL :::::::::::::::::::::::::: Litigation Funding4,161
14/12/201808:23BUR Charts418
20/11/201806:16burford capital-
15/8/201412:33BUY and HOLD in Burford Capital (BUR)-
16/11/201109:29Burford Capital12

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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 1,434p.
Burford Capital Limited has a 4 week average price of 1,308p and a 12 week average price of 1,308p.
The 1 year high share price is 2,075p while the 1 year low share price is currently 1,000p.
There are currently 218,649,877 shares in issue and the average daily traded volume is 577,382 shares. The market capitalisation of Burford Capital Limited is £3,131,066,238.64.
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.
saltraider: That's plausible enough, Mad Foetus. Alternatively, after a long wave of momentum-based buying in some of these high growth AIM stocks, the bubble has burst and a whole lot of weak holders (whose only reason for buying was that the share price seemed to be constantly on the up-and-up) have taken what profit they can by selling as the share price nose-dives. Some adroit shorting has compounded the effect. There will be more than a few cases where the 'pop' effect is just about right ... overvalued stocks where the price has been inflated by momentum buyers. There's got to be some of that in Burford's case as well but I remain confident that the business is really, really strong over the medium term and that the secular trend will continue to be firmly upwards. Time will tell. Battered and bleeding ... I hold.
jonwig: Does the share price action over the past three days explain why placings come at such discounts? Taking shares at 1850 involves taking the risk that the share price will actually undershoot, as has happened. Some instis may have hoped to make a quick turn as the share price recovered, others take a long-term view. But the great thing is that PIs who feel the system has been against them have been able to game the price pretty well. Still can.
jonwig: Burford Capital Limited ... is pleased to announce that 10,411,898 new Ordinary Shares (the "Placing Shares") have been placed with existing and new institutional investors and were placed at a price of 1850 pence per share via an accelerated bookbuild The Placing raised approximately £192.6 million (US$251.2 million) before expenses and the Placing Shares represent approximately 5 per cent. of the issued ordinary share capital of the Company prior to the Placing. The Placing was well oversubscribed and was priced at a discount of 2.86% to Burford's volume-weighted average share price since the release of its interim results. The underlined bit probably explains the price. Their brokers will have told them to do it this way, as a compromise for taking so many shares at short notice. Agreed it's a let-down for us bystanders! mad - 'borrow money for 2 years at 3%'. I don't see that as an option. 2 years is too short-term for a legal case cycle. And their bonds were all priced at 6% plus. EDIT - let's see if any of these shares get sold this morning. If the price drops to near 1850p at open, they won't have the chance.
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: The Fintel link provided by jonwig mentions several holdings. The value of eHi is not shown, Highland is given as $29.1m and Stewart as $22.35m. "All Burford Capital Investment Management Llc holdings are listed in the following tables. Data is sourced from 13D/13G, 13F, and N-Q filings. Green rows indicate new positions. Red rows indicate closed positions. This is a list of 13D and 13G filings made since the last quarterly 13F report (if any). Click the link icon to see the full transaction history. File Date Form Security Prev Shares Current Shares Change (Percent) Ownership Change (Percent) 2018‑05‑22 SC 13D EHIC / eHi Car Services Ltd. 4,900,394 6.60 This form was filed on May 14, 2018. Click the link icon to see the full transaction history. Search: Reporting Period Form Security Imputed Share Price Prev Shares Current Shares Change (Percent) Prev Value ($1000) Current Value ($1000) Change (Percent) 2018-03-31 13F-HR HIGHLAND FLOATNG RATE OPPRT / SHS BEN INT (43010E404) 15.99 1,818,762 29,082 2018-03-31 13F-HR STC / Stewart Information Services Corp. 43.94 364,150 508,819 39.73 15,404 22,358 45.14 2018-03-31 13F-HR JAGUAR HEALTH INC / (47010C201) 0.19 2,217,579 432 Https:// This is the explanation in the last Annual Report of the Jaguar Health holdng, the smallest (by far)of the four: "Jaguar Health We have repeatedly commented on the increasing complexity of Burford’s investment transactions, and the Jaguar investment is an example of both investment and accounting complexity – but also an illustration of our success in turning complexity into profit. Jaguar is a NASDAQ-listed pharmaceutical company. Burford provided financing in connection with a litigation matter involving one of Jaguar’s predecessors. In the end, Jaguar was not successful in the litigation although it did succeed in using the litigation to reach a desirable non-financial settlement. The structure of our investment and of Jaguar’s subsequent corporate changes have led us to be paid a sum of cash in 2017 that more than recovered our invested capital with the remainder of our return coming in the form of a series of complex equity transactions that now leave us holding around 6% of Jaguar’s voting common stock along with rights over a further interest in the company (collectively worth approximately $6 million at the end of 2017). Because Jaguar is publicly traded in an active market, we are obliged to mark our equity position to market, which in 2017 caused an unrealised loss of $6.95 million as the stock price declined from a formulaic deal price at which our equity interests were initially issued (which we are reporting separately as “net loss on equity securities” on the income statement). Stocks like Jaguar are notoriously volatile in the US equity markets and we expect the potential of continued market price volatility for so long as we hold this position, which will have non-cash earnings impact. Some of our interest in Jaguar remains locked-up and we have not yet determined our path forward with respect to the investment, but every incremental dollar for us from this investment will be pure profit as we have already recovered our invested capital and a cash profit from our initial investment. So costs are fully covered and there is an additional return from an additional shareholding in Jaguar which fluctuates in value on Nasdaq. eHi sounds like a situation somewhat similar, simply because of the name of the company. Does anyone know anything about this company? The other two, Highland and Stewart sound very different. Stewart is in "title insurance" and is a very substantial business with many institutional shareholders already so this sounds like some kind of trade investment by Burford. Highland looks to be a floating rate bond fund and also has a number of very well-known holders, people like Blackrock and Wells Fargo. Note that Stewart is reported as having increased in value by 45%, presumably since the previous reporting date.
galatea99: BUR still owns 75% of their original share of this case. BUR have reported that their share of the case is valued on the secondary market at $660m. There is therefore already an implied underlying value of 75% of $660m, that is about $500m. We do not know how much of this has been taken to profit already but BUR have mentioned that their approach to taking profit is conservative. This seems to be supported by their remarks in the recent RNS concerning the quite separate Teinver case. The valuation of $660m may itself be already conservative since I have seen estimates in the Argentine media that the BUR share of the case is 35% and that the compensation that Argentina might have to settle could be of the order of $3bn to $4bn. Their 35% could therefore come to over $1bn against the $660m value that the secondary market is placing on their share. The US District Judge Preska had ruled in favour of Petersen/Burford. Argentina appealed this judgement to the NY Appeals Court and it is their decision on that appeal hearing that is now awaited. What seems to be the objective of the Argentines is to have the case transferred to the jurisdiction of the Argentine courts. The document posted earlier mentions some of the circustances which may be seen as intimidatory and hostile to local lawyers acting on behalf of Petersen/Burford. One might also question the impartiality and independence of the Argentine judicial system, given quite well-documented events in the past. The handing down of the decision of the NY Appeals Court is taking longer than expected. Comments in the Argentine media on what this might mean are mixed. Some see this as positive for Argentina since it might mean the judges are seeing merit in moving the case to Buenos Aires. I have also seen other comment which seems quite resigned to Argentina losing the appeal and then having to try to have the case passed up to the US Supreme Court, provided the Supreme Court would accept it. In those circumstances, there could of course, be a negotiated settlement for a lesser sum or a sale by BUR of their share of the case (as they decided to do with the Teinver case), also for a lesser sum. Given the sums involved, success for Petersen/Burford would produce a bonanza of profit for BUR. They already have the right to sell a further 10% of their share before the end of 2018 and they might decide to do that in any case; that would be worth, presumably, $66m in itself (or perhaps more) which could be taken to profit in 2018 (less any amounts already taken to profit, if any). That is why the decision in this case is important. ............................................................................ One further point of note is that I believe that the Liberum note issued recently and giving a target price of 1689p does not specifically include anything for the marking to fair value at each Balance Sheet date of cases in the BUR portfolio, I believe because they consider they (Liberum) have insufficient information on which to calculate these. One could therefore consider that target prices such as these are inherently understated. All IMHO. DYOR.
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://
lomax99: IC comment: Burford Capital (BUR:1,205p), a global finance provider focused on investing in litigation cases, is now one of the largest companies listed on Aim, with a market capitalisation of £2.5bn, a reflection of the 725 per cent rise in its share price since the summer of 2015 when I initiated coverage ('Legal eagles', 8 Jun 2015). I last advised top-slicing your holdings when the shares hit a record high of 895p ('Top-slicing and running profits', 26 Jun 2017). It paid to maintain a financial interest as the share price is up another third since then, and within touching distance of last autumn’s all-time high of 1,258p. Ahead of full-year results on Wednesday 14 March, this looks an opportune time to reassess the investment case. In a pre-close trading update, the directors revealed that new commitments made to litigation funding cases more than trebled to $1.34bn (£970m) last year. This implies Burford made $855m (£620m) of new commitments in the second half of 2017, up from $488m in the first half, and $488m for the whole of 2016. As analysts at investment bank Berenberg Capital rightly point out, this suggests the company, which is the leading litigation funding player in a litigation market worth $800bn in annual revenue, has had no problem finding sufficient opportunities to deploy its capital. It also augurs well for future profits. That’s because new cases typically take two years to complete, so, given the high returns on capital Burford makes, its high success rates and portfolio diversification which mitigate risk, it can realistically expect a hefty financial return on these new commitments. It also makes sense for the company to consider tapping the debt market again to recycle low-cost capital into funding potentially high return litigation cases. Having raised a total of $519m through three London Stock Exchange retail bond issues since 2014, all of which are trading above par, the company is currently holding meetings with fixed income investors. Importantly, results for the 2017 financial year are going to be eye-wateringly good. Analysts at Numis Securities predict a near doubling of pre-tax profit to $218m on revenue of $313m, up from $163m in 2016, to produce EPS of 96.6¢, or 75p based on the average sterling dollar exchange rate last year. Part of the profit booked reflects the gain Burford realised by selling off 25 per cent of its economic interest in the multibillion-dollar Petersen legal case relating to the 2012 expropriation by Argentina of a majority interest in YPF, the New York Stock Exchange-listed energy company formerly owned by Repsol, the Spanish energy major. The $106m realised equates to six times its original investment, and analysts believe its retained economic entitlement could be worth $1.25bn (£905m) in the event of a successful outcome in the courts. In addition, Burford had a favourable decision in an arbitration relating to the claim by Teinver S.A. and others against Argentina in connection with the country’s expropriation of two airlines. The arbitration tribunal ruled against Argentina, requiring it to pay $324m in damages, of which Burford’s entitlement is estimated to be $140m, or 10 times higher than its original investment of $13m in the case. Burford’s entitlement represents over 4.5 times the $30m carrying value of its investment in the company’s half-year accounts to the end June 2017. Rated on 16 times likely earnings, I would run your bumper profits.
lomax99: Shares magazine comment 21/12/17. Litigation finance provider Burford Capital (BUR:AIM) is up nearly 60% since we flagged its attractions in the spring and its market value has increased more than eight-fold since the beginning of 2016. We still rate Burford as an excellent business, but a few issues prompt us to lock in our gains. A recent setback, including the departure of key figures from the acquired Gerchen Keller Capital (GKC) business, together with a lofty valuation mean we now see a risk the shares will drift lower in the short-term. Notably house broker Liberum has downgraded the stock from ‘buy’ to ‘hold’. House brokers will almost never put out a ‘sell’ recommendation on their corporate clients so going to ‘hold’ should be seen as a negative. Analyst Justin Bates says: ‘We continue to believe in the longer term growth story for Burford, as the leader in the burgeoning litigation finance market. ‘However, based on the combination of 1) downgrades to 2017/18 forecasts, largely due to the timing of performance fees, 2) disappointing news that the GKC principals will be leaving the business, and 3) recognising the incredibly strong share price run year-to-date, up 110%, we believe the shares are now trading around fair value.’ Shares says: In the long-term Burford still looks an attractive proposition but we feel now is a good time to lock in a tasty profit in anticipation of a period of share price weakness. share price at 1160.
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