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
  +18.00p +1.67% 1,094.00p 1,090.00p 1,094.00p 1,102.00p 1,066.00p 1,072.00p 364,146 16:35:26
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 59.0 46.1 21.4 48.5 2,237.73

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Date Time Title Posts
25/2/201820:59BUR Charts197
22/2/201821:02BURFORD CAPITAL :::::::::::::::::::::::::: Litigation Funding1,859
15/8/201412:33BUY and HOLD in Burford Capital (BUR)-
16/11/201109:29Burford Capital12
08/12/201021:16Forecast eps of 96p in 2007 so PE is 88

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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 1,076p.
Burford Capital Limited has a 4 week average price of 1,052p and a 12 week average price of 1,052p.
The 1 year high share price is 1,292p while the 1 year low share price is currently 670p.
There are currently 204,545,455 shares in issue and the average daily traded volume is 400,896 shares. The market capitalisation of Burford Capital Limited is £2,237,727,277.70.
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.
czeck: Motley fool just posted this: Fund manager Neil Woodford has made some great stock picks over the years, but few have been more successful than litigation financing group Burford Capital (LSE: BUR). Mr Woodford is a long-time investor in this firm, whose shares have risen by an astonishing 1,000% since 2013. There’s no doubt it’s been a good buy, but my concern is that the risks facing ordinary shareholders may be rising rapidly. Unsustainable growth? Burford has paid a dividend each year since 2011, but it’s not the kind of income stock which attracts me. The reason for this is that while profits rose from $31.5m to $115.1m between 2012 and 2016, this firm doesn’t really generate any surplus cash. All the cash generated by litigation wins — plus much more — is reinvested into new claims, fuelling further growth. This has been a successful strategy so far. Annual profits have risen by an average of 47% per year since 2011, and are expected to have climbed 80% to $207m in 2017. Why I’m worried Payouts from successful cases can take years to receive, so Jersey-based Burford appears to be using increasing levels of debt and private funding to fuel its expansion, rather than accept slower growth. Although this is a valid strategy, I think it’s worth noting that repaying these funders is likely to take priority over shareholder returns if cash ever becomes tight. My second concern is that this complex business is pretty much a black box for most investors. In its 2016 annual report, Burford said that its (then) 64 ongoing ‘investments’ involved “hundreds of separate claims”. In my opinion, there’s no way any of us can really understand the quality or type of cases being undertaken by the firm. So any shifts in future earnings could catch the market by surprise. Turning point? Analysts’ consensus forecasts suggest that after a bumper 2017, Burford profits could fall by 26% this year. I’d expect profits to be lumpy over time, but I’m not sure the current share price reflects this. I don’t see any reason to invest at current levels.
bestace: winsome - not sure about Burford's share price having zero correlation with the markets. I think it would be more accurate to say their financial performance (as opposed to their share price) has low (but not zero) correlation with the wider economy, but if the market has a mass sell-off I doubt Burford's share price would be immune from that.
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.
jonwig: Liberum - 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) today's disappointing news that the GKC principals will be leaving the business and 3) recognizing the incredibly strong share price run ytd, up 110%, we believe the shares are now trading around fair value. I'm surprised at that conclusion by Liberum: the GKC principals are entrepreneurial and want to open and run their own 'boutique' outfit rather than be only a part of the decision-making process within a £2.5bn company. The RNS makes it clear that they are going to do just that.
mrnumpty: Although not a sophisticated investor , I bought in to Burford in June 2015 at £1.50 and have maintained my holding . At the moment , the share price has fallen to £ 10.60 , giving a market cap of £ 2.19bn . On 28/7/2017 , according to the Investors" Chronicle website " Analysts at N + I Singer expect pre-tax profits of $ 240.5m for Full-Year 2017 " . At the current exchange rate , this equates to a pre-tax profit of £ 179m meaning that Burford is trading on a forward p/e of 12.23 ( without accounting for any cash on the books ) . Surely this is a very low p/e for such a growth company which also has a " moat " and which dominates its sector , notwithstanding the difficulty of accurately predicting earnings ? Separately , it seems that , on 23/8/2017 , Macquarie issued a broker note for Burford , reaffirming its " outperform " investment rating and cut its price target to £ 11.83 ( from £ 13.22 ) . However , on all websites , the Macquarie price target is still shown as £ 13.22 - does anyone have any explanation for this ? Thanks in advance .
lawdawg759: Do any of y'all have a strong opinion on the prospect of mandatory disclosure of litigation finance agreements in U.S. federal courts? Australia, New Zealand, parts of Canada, China, and Hong Kong currently have disclosure requirements and the litigation finance industry seems to function perfectly well in those jurisdictions. The U.S. Chamber Institute for Legal Reform recently renewed their proposal to amend Federal Rule of Civil Procedure 26(a)(1)(A) to require mandatory disclosure of litigation funding agreements to opposing parties as a matter of course. See: hxxp:// Proposals to amend the FRCP are frequent but seldom acted upon by the Committee on Rules of Practice and Procedure. However, Chris Bogart saw the need to respond to their proposal on behalf of Burford. He posits Burford's arguments against the Chamber's points, but fails to explain his rationale for being against mandatory disclosure. See: hxxp:// What adverse effects could disclosure have on the litigation funding industry? If agreements were made public, would it allow more for more precise valuations of companies like Burford and IMF Bentham? Could it potentially cause wild swings in share price? Other thoughts?
gersemi: well done topvest, enjoy for those still holding, from IC 2 hours ago thanks to the IC crew IC Tip Update: Buy at 1088p Tip style VALUE Risk rating MEDIUM Timescale LONG TERM Our previous tip We said BUY at 415 on 06 Oct 2016 Tip performance to date 162% By Harriet Clarfelt For chief executive Christopher Bogart, Burford Capital’s (BUR) “best ever” half-year results demonstrate the “degree of demand in general for capital solutions in the legal sector”. This optimism resonated with the market: Burford’s share price rose 9 per cent on the back of stellar earnings growth. Mr Bogart also emphasised the volume of new investment commitments made by the global finance litigation firm, equivalent to $488m (£375m). Burford’s enormous pre-tax profit boost was largely driven by the sale of 25 per cent of Burford’s entitlement in the Petersen case. This lawsuit, brought by the Petersen Group against Argentina, has generated more than $100m in cash profits – five times Burford’s investment. Management noted that there were 11 investments in total which propelled Burford’s performance, though each period has seen one significant contributor to profits. In the second half, the Teinver suit (entailing another claim against Argentina) will dominate conversation. Only this week, Burford reported a “favourable investment result” for the case. Burford has also made progress in fund management, literally capitalising on its 2016 acquisition of Gerchen Keller Capital to raise a $500m litigation focused-fund. Analysts at N+1 Singer expect pre-tax profits of $240.5m for FY2017, up 69 per cent from their previous forecast, with corresponding EPS of 110.4¢ in 2016. IC View Burford goes from strength to strength, but we still see potential upside. The group has just opened in Asia and its pipeline of new business is encouraging. At 1,088p, shares are trading on a multiple of 13 times forecast earnings. Given the massive growth trajectory seen by the company already, this doesn’t seem unreasonable. Buy. Last IC view: Buy, 752.5p, 15 Mar
jonwig: Questor in the DT. The author, Russ Mould is Investment Director at brokers A J Bell. Litigation finance is a niche area but a growing one and one company that is actively involved, so far to great effect, is Burford Capital, now the third biggest stock on Aim, the London Stock Exchange’s junior market. Burford funds lawsuits in return for a share of any compensation awarded. The company is also expanding its range by offering lawsuit defences (and taking a share of the money saved), while it can also sell a percentage interest in cases, sometimes for a healthy profit. The shares (to which the numbers in the box refer) have performed brilliantly over the past 18 months, zooming from barely 200p to nearly £10. That inevitably leads to the sinking feeling that you have “missed” this one, especially as the forward price-to-earnings ratio of some 20 times is relatively racy for a business that, by its nature, is not as transparent as some and whose earnings can be lumpy. The timing and amount of any court payments are unpredictable, while in most cases the identity of clients is kept under wraps. But there is another way to get involved in this company, which may appeal to investors who like the sound of a business whose legal skills provide a barrier to entry, and potentially lofty profits, but who would rather not take the capital risk that can come with paying high valuations for stocks. Burford has just issued a third bond on the London Stock Exchange’s Order Book for Retail Bonds (Orb). The £175m issue was very successful and the bond, whose ticker is BUR3, pays a 5pc coupon and matures in 2026. The price has increased from 100p at listing to around 101.2p, so the “yield to maturity” (in effect, the annualised total return, including the small capital loss at maturity) is around 4.8pc. Yet, as can happen with bond issues, investors may be neglecting the previous issues as they target the new one. The 6.5pc coupon 2022 bonds (BUR1), which trade at 110.5p, offer a yield to maturity of 4.2pc and the 6.125pc 2024 paper (BUR2) has a yield to maturity of 4.75pc. The latter’s yield is therefore only a fraction below the new bond’s but with two years less to go before repayment, so the rewards are very similar even if the risk is less. Patient buy-and-hold income seekers worried about the lofty valuation of the shares (and their lowly yield) may therefore like to look at the 2024 bonds. If there is an earnings stumble the shares could wobble but the bond coupons should still arrive twice a year, barring a total disaster (and in that case the share price would take the most fearful drubbing). Http:// NB. Questor is aimed at fairly cautious investors and is building up a portfolio for readers concentrating on yield. From that point of view, it's hard to disagree with the gist of the article.
gersemi: From today's IC with many thanks to S-Thompson. A bit naught I know, but if it helps to highlight the value here then we all benefit, even Mr Thompson! -- Burford Capital bond raise Investors have reacted positively to a major fundraise from Aim-traded Burford Capital (BUR:912p), a global finance company focused on investing in litigation cases: it has generated an annual internal rate of return of 27 per cent on all its completed investments. It's not short of new investment opportunities either as Burford increased new commitments by 83 per cent to a record US$378m (£295m) last year, buoyed by a 50 per cent hike in investment recoveries to a record US$216m, and by deploying the £100m of loan capital it raised last April. Interestingly, Burford's chief executive Christopher Bogart points out that "law firms and corporate clients are coming to us with needs which have evolved far beyond the single-case financing model on which this industry is founded - although that remains a core area of our business." So, to exploit this opportunity, the company has just raised £175m through an oversubscribed issue of bonds on the main market of the London Stock Exchange. The bonds pay interest at an annual rate of 5 per cent and mature in December 2026. Burford is also using part of the proceeds to repay early the $43.75m of loan notes which were issued as part of last December's acquisition of Gerchen Keller Capital, the second-largest litigation finance player in the world ('On a roll', 20 December 2016). The key point to note is that the additional long-term capital raised not only solidifies Burford's position as the industry leader - its legal finance business has more than $2 billion invested and available for investment - but it has the lowest cost of capital too. And given the high returns being generated on its litigation investments, the company can easily service the relatively low cost of its borrowings, redeem the loan capital when it matures, and recycle surplus cash flows into new cases and boost dividends for shareholders. This explains why analysts at broking house Numis Securities raised their EPS estimates by 3 per cent, 8 per cent and 11 per cent for the 2017, 2018 and 2019 financial years to 66.6¢, 92.5¢ and 113¢, respectively. They also raised their target price from 880p to 950p. In the circumstances, it's hardly surprising that the shares rallied to another all-time high of 920p after the news of the oversubscribed bond issue was announced, justifying my previous call to run profits at 810p ('On the case', 10 April 2017). Longer-term holders who bought in at 146p when I initiated coverage in the summer of 2015 are doing well too as Burford's share price is up 525 per cent ('Legal eagles', 8 June 2015), and the board has declared total dividends of 12.8p a share. True, the shares are now rated on 17.5 times current year earnings estimates, but if Burford delivers on the bumper growth expected in 2018, then the multiple drops to 12.6 times next year's earnings forecasts. Moreover, I expect investors to react positively to what will undoubtedly be an impressive first-half performance and one that will benefit from substantial investment gains following the post year-end disposal of participation interests in its investment 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. I am also attracted by the fact that the shares have a beta close to zero, something worth considering if there is an uptick in equity market volatility in the coming months. Run profits. -
Burford Capital share price data is direct from the London Stock Exchange
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