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
  -2.50 -0.32% 787.50 1,695 08:11:33
Bid Price Offer Price High Price Low Price Open Price
785.00 788.50 787.50 779.00 779.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 261.10 152.60 57.34 14.0 1,722
Last Trade Time Trade Type Trade Size Trade Price Currency
08:10:26 AT 152 787.50 GBX

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Date Time Title Posts
24/6/202113:55BURFORD CAPITAL :::::::::::::::::::::::::: Litigation Funding21,348
04/5/202108:16BUR Charts950
29/4/202119:45Pre Muddy Waters price-
20/8/202016:57news -
17/10/201911:13Burren could bid for Ramco?18

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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 790p.
Burford Capital Limited has a 4 week average price of 751p and a 12 week average price of 692.50p.
The 1 year high share price is 969.50p while the 1 year low share price is currently 450.60p.
There are currently 218,649,877 shares in issue and the average daily traded volume is 297,036 shares. The market capitalisation of Burford Capital Limited is £1,721,867,781.38.
chester9: RNSBurford Capital Limited announces final results of tender offer forBurford Capital PLC's £90,000,000 6.50 per cent. Guaranteed Bonds due 2022by Burford Capital Holdings (UK) Limited Burford Capital Limited, the leading global finance and asset management firm focused on law, today announces that Burford Capital Holdings (UK) Limited (the Offeror), a direct wholly-owned subsidiary, has published the final results of its invitation to holders of Burford Capital PLC's (the Issuer) £90,000,000 6.50 per cent. Guaranteed Bonds due 2022, guaranteed by Burford Capital Finance LLC, Burford Capital Limited and any additional guarantors appointed from time to time pursuant to the terms of the Bonds (each, a Guarantor and together, the Guarantors) and bearing ISIN: XS1088905093 (the Bonds) to tender their Bonds for purchase by the Offeror for cash (the Offer). Burford Capital PLC is a direct wholly-owned subsidiary of Burford Capital Holdings (UK) Limited and an indirect wholly-owned subsidiary of Burford Capital Limited. The Offer was announced on 27 May 2021 and was made on the terms and subject to the conditions contained in the tender offer memorandum dated 27 May 2021 (the Tender Offer Memorandum) prepared by the Offeror. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum. Participation as at the Expiration Deadline The Expiration Deadline of the Offer was 4.00 p.m. (London time) on 22 June 2021. As at the Expiration Deadline, the Offeror had received valid Tender Instructions of £23,865,500 in aggregate principal amount of the Bonds. Results of the Offer The Offeror now announces that the Final Acceptance Amount will be £23,865,500 in aggregate principal amount of the Bonds. The Purchase Price will be 105 per cent. of the principal amount of the Bonds and the Offeror will also pay Accrued Interest Payments as described in the Tender Offer Memorandum. Accordingly, the Offeror will accept for purchase all Bonds that are the subject of valid Tender Instructions.The expected Settlement Date for the Offer is 28 June 2021. Following settlement of the Offer, £62,291,500 in aggregate principal amount of the Bonds will remain outstanding (as defined in the Trust Deed).
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
rar100: I read a report from Hargreaves (daily email) saying that US economists don't expect inflation to be a great problem and that things will return to normal - the new normal when the economy continues opening. Basically that April figures were an anomaly, so hopefully the sell off will stop soon... Lets hope people see the new lower BUR share price as a buying opportunity
chester9: This is the only share I own which gives me no negative thoughts. Yes they can lose YPF , yes they can lose Congo but win one and the value to Burford is at least 50% of current share price if YPF case settled then share price £15. In coming years we will not see the many other cases they win. We do know they have the money and talent. I see this share price going one way only for 3-5 years when it may be toppy at £50. This is a winner, after that I suspect I will still want to hold my money in Burford.
three black crows: Burford Capital is By Far the Most Undervalued Company I Know Of Burford valuation according to Travis Wiedower at : hxxps:// you can read the full article on his web page but he refers to Burfords Share Price Valuation, with particular refernce to Peterson. He believes Burfords Petersen case if won is worth (on its own)between $5 - $15. If this were added to the current share price we would be looking at $17- $27. Maybee this is one reason why the share price is picking up.
rar100: It is good to see the share price rise but as Scuba said, the directors buys are peanuts and the share price is still peanuts, all the good news is great but the share price is still WAY out of kilter. Hopefully this is real momentum, this is what BUR needs - the herd instinct coming to play in that institutions will wake up to it's value now. Peanuts do grow into trees...the lucky ones
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.
rar100: Burford Capital - It Still Doesn't Quite Convince Me Mar. 05, 2021 9:00 AM ETBurford Capital Limited (BUR)BRFRY14 Comments1 Like Summary Burford Capital was subject to a hard-hitting Muddy Waters short-selling report alleging inconsistencies in profit realisation. The stock dropped like a stone and management insisted they would do things differently and they do seem to have done so. The end result looks impressive but it still just doesn't quite convince if I'm honest about it. Burford Capital (BUR) and litigation finance There's no absolute reason why financing legal cases shouldn't work as a business plan. Going to law in a complex case is expensive. Commercial cases can be about considerable sums of money. So, there's every possibility that there's room in there for someone to finance cases in return for a piece of the recovery. This being the business Burford Capital is in and as I say there's just no reason at all why there shouldn't be someone successful in this space. The second question though is whether these are the people who are going to be so. Muddy Waters It looked like Burford was being successful in this space, the stock was up at around £20 on London's AIM market (the junior part of the London Stock Exchange) at one point. Then in came Muddy Waters with a short-selling report and it's fair to say that they weren't the only people with the occasional question about how the firm was really doing rather than how it was reporting it was doing. The stock slumped as a result and hasn't, really, recovered since then. This leaves open the obvious question therefore – should it have done? If the management has changed what was previously perceived to be at fault and is also reporting entirely reasonable returns then perhaps the stock should be "re-re-rated" back upwards? This is not something that has an absolute answer. It depends upon what everyone else thinks about the stock for a start, so we're trying to second guess other peoples' actions. The best we can do is try to come to some view about the stock ourselves, take our preferred actions and then hope that everyone else catches up with us at some point. My answer here is that I'm not, as yet, persuaded and so am not going to take a position as yet. The problem identified The basic problem identified was that Burford was recognising revenue too early. Or perhaps when it was too uncertain. Commercial court cases can take many years to come to fruition given the possibility of appeal and so on. Even one level of a case can take months to years to a verdict. Costs and expenses of course flood out in a stream. But revenue is only going to come, actually arrive, at the end of this process. Thus there's going to be – not really whether there should, there just is going to be – some recognition of revenue before it actually arrives. Everything from we think we'll get a bit back here through to we're really very sure that this case isn't going to be overturned on that last-ditch appeal so we can pretty much say that the cash is in the bag. Exactly how each piece of revenue is allocated to which part of that process is going to be much more of an art than a science. This means that it's also arguable at any and every point. The Muddy Waters allegation was that revenue was being recognised much too early. That, in itself, isn't all that much of a problem. But the continuation of the claim was that this led to revenue being overstated. That is, not so much early, as with too great a certainty. That revenue recognition then led to sums that might not actually arrive in the end being declared as profits, paid out in dividends and thus hollowing out the capital base of the company. This led to a significant fall in the share price: Burford (Burford Capital stock price from London Stock Exchange) That drop from 1500 to 700 in the summer of 2019. As we can see no one's been terribly excited by the company since. The London all share index is up perhaps 30% since summer '19, Burford is down 25% since the same point in time (calculations by Eyeball Mark I, no more accurate than that). So, what's happened since then? Well, the management has promised to be much more careful about revenue recognition, of course they have. In the latest results we see a certain insistence upon actual cash receipts rather than just revenue recognised that might then be received: Burford had the best year in its history for portfolio performance, generating record levels of realized gain and more cash from successes than ever before. Quite so, realised gain not recognised. However, there are still two things that worry me. The US quote Burford is now quoted in the US as well, starting last fall: Burford (Burford US quote from Seeking Alpha) That's a secondary quote but a one on the full NYSE. And we'd rather expect a company dealing in US litigation (largely at least), reporting in dollars, to do well on a US market. That would be rather the point of having that quotation. But it seems not to be happening. My read of this is slightly cynical. Litigation financing is not really a well known thing in England, in English law, or the English market. It's, as far as I know at least, much more common in the US. So, we might expect a more serious valuation to be applied by a US market to the same stock. Even if that is too cynical I do take it that the lack of a bounce following the US listing is not a good thing. The big case The other thing is that Burford really does rely upon just a couple of large cases. It's rather like a fund manager that has a portfolio, many small stocks but a couple of very large positions. The big positions drive the valuation, even as the small positions might mature and be cashed out. From Investors Chronicle: There is still a big question mark over the Petersen and Eton Park claims, which have a carrying value of £773m, of which a whopping £734m is made up of unrealised gains. Now that's where we came in with the Muddy Waters report. Those claims of recognised – and thus contributing to profit – but not realised gains that were out of line with reality. That's a pretty big chunk of valuation there. The company also tells us this: Notably, Burford's YPF-related assets (comprising the Petersen and Eton Park claims) did not contribute to earnings in 2020, for the first time in five years. Well, that's cool. They've not recognised any more revenue over the year from those possibly contentious amounts. But look at this the other way too. It's another 12 months further on and they've not received any money from these claims either. Meaning that their revenue recognition was a further year ahead of reality, no? I think Burford has a near-permanent problem with those two big cases. My view I'm entirely willing to believe that the cases resolved and cashed in this year are now the normal run of the mill business. I do sorta expect behaviour change after a short-selling report and a stock slump after all. However, there was so much past revenue recognition – and, don't forget, profit declaration and dividend distribution – tied up in those two major cases, $700 million and change, that this is really the defining point of valuation. If those cases do end up cashing out those amounts then the stock will move sharply upwards. If they end up paying out seriously reduced sums then equally, a significant move downwards. We've no real way of knowing which is going to happen. That's also on the basis that the ongoing business really is looked at in the best light, that revenue recognition is conservative, that cases are being resolved and cash collected. The investor view I also take it that this is the general view of the market as a whole of this stock. This is also why no boost from the US quote. Sure, OK, the chastised management is running a perfectly fine business now but they've those twin albatrosses of two very large cases with possibly aggressive past revenue recognition. Until those two are resolved – either collect the revenue recognised or not – then the clouds over the valuation aren't going to lift. Or, of course, it all takes so long, so many years as in Jarndyce v Jarndyce, that the two cases just become irrelevant to the size of the business. I thus recommend staying out of Burford until some resolution of those two cases turns up. For I don't think the valuation is going to change much until there is a resolution there. My personal opinion, for what little that's worth, is that the resolution will be on the downside. But that's not the investment point here. Rather, however well the ongoing business is run there's not going to be significant movement until the settlement of those two. And we've no real way of knowing which way those cases will resolve. We face uncertainty, not a good thing in an investment.
rar100: As I am no accountant and if the following is true could someone give an estimate of what the share price should be now. I'm sure many people that read this BB would appreciate views. (This is the latest news on Interactive Investor 17.2.21) (Alliance News) - Burford Capital Ltd said Wednesday that 2020 was the best year in its history for portfolio performance, generating record levels of realised gain and more cash from successes than ever before. The litigation finance firm fully reinstated its dividend in response. Shares in Burford Capital were 0.5% higher in London on Wednesday afternoon at 705.00 pence. "Burford ended the year with its highest-ever levels of cash liquidity, and its portfolio of ongoing matters is larger than it has ever been," the company said. "Burford's concluded case [return on invested capital] rose to its highest year-end level in our history. New business, which suffered from the effects of the pandemic in the first half of 2020, snapped back in the second half. Notably, Burford's YPF-related assets, comprising the Petersen and Eton Park claims, did not contribute to earnings in 2020, for the first time in five years." The claims related to Argentine government-controlled energy company YPF, which was renationalised after having conducted an initial public offering. Burford's core legal finance business recorded realisations of USD608 million, up 72% from USD354 million in 2019, while balance sheet realisations grew 47% to USD336 million from USD228 million. This, the company said, led to its capital provision-direct business seeing realised gains doubling to USD361 million from USD178 million, with balance sheet realised gains up 48% to USD179 million from USD121 million. Chief Executive Christopher Bogart said: "2020 was another year of strong performance for Burford. We achieved record amounts of asset realisations from core litigation finance, which generated more realised gains and cash proceeds from case successes than ever before, driving our cumulative concluded case ROIC to an all-time year-end high of 92%. "With cash on Burford's balance sheet of USD336 million at the end of 2020, we are in a strong position to fund the additional future growth we anticipate. We look to the remainder of 2021 with excitement." Burford's said its group-wide total income crossed the half-billion-dollar mark in 2020 for the first time in its history, driven by significant asset realisations during the year. "As our managed funds participated in a sizeable share of these realisations, which should generate performance fees for Burford in future years, Burford's consolidated and balance sheet-only total income was largely flat in 2020 compared to 2019. Profit after tax was down given modestly higher operating expenses and higher than normal book tax charges," Burford added. The litigation finance company posted a USD225.5 million pretax profit for 2019, with total income of USD351.8 million. For 2020, Burford is guiding for total income between USD345 million and USD355 million, with operating profit between USD240 million and USD250 million. Turning to shareholder distributions, Burford noted it suspended its dividend in early 2020 due to uncertainty caused by the virus pandemic, but given the year's outcome and Burford's strong liquidity position, is proposing a full resumption of the dividend at its previous annual level of 12.5 US cents per share. "Although Burford did not pay an interim dividend in December 2020, we will nonetheless recommend payment of the entire full year dividend of 12.5 US cents per share in June 2021," it added. By Paul McGowan; Copyright 2021 Alliance News Limited. All Rights Reserved.
saltraider: There has been a huge amount of money printed by central banks during the covid-19 pandemic. All that money has to find a home somewhere. Some of it will be soaked up by inflation in the prices of goods and services perhaps. A lot of it is going to find its way into the purchase of assets ... as a store of value. There will be asset price inflation as a result (house prices, share prices, bitcoin ... ...). IMHO the thing to avoid being in over the next year or two is cash. It will be a good time for the brave to borrow momey to buy assets. I don't see share prices dropping in a hurry. The extra money has to find a home somewhere. Burford share price will, of course, probably be perverse and not follow the market. I've put quite a bit into Burford and I've taken a loss but I've been more fortunate elsewhere. I will stick with it for a good while longer because the fundamentals seem excellent and I believe the share price will eventually align with them.
Burford Capital share price data is direct from the London Stock Exchange
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