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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
  -20.50 -2.75% 724.00 173,786 16:29:59
Bid Price Offer Price High Price Low Price Open Price
722.00 725.50 737.00 703.50 736.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 112.52 -43.96 -24.40 1,583
Last Trade Time Trade Type Trade Size Trade Price Currency
17:56:20 O 3,540 724.00 GBX

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17:35:44737.888446,227.71O
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Burford Capital (BUR) Top Chat Posts

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Posted at 27/1/2023 08:20 by 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 744.50p.
Burford Capital Limited has a 4 week average price of 663.50p and a 12 week average price of 647.50p.
The 1 year high share price is 926p while the 1 year low share price is currently 590p.
There are currently 218,649,877 shares in issue and the average daily traded volume is 154,777 shares. The market capitalisation of Burford Capital Limited is £1,583,025,109.48.
Posted at 24/1/2023 15:56 by williamcooper104
It's factually wrong The accounting value is not a probability of success; it's the historic price that part of the claim was sold of at When it was sold the probability of success was deemed to be very high, the discount reflected Argentina risk and the time it might take to collect damages Depending on share price and your view as to whether Bur should trade at a premium or discount to NAV the Peterson claim is either priced in a bit or not priced in at all to the share price - though a loss would knock confidence and the share price at least short term That said I still wouldn't go putting life savings into BUR calls
Posted at 24/1/2023 15:39 by ptolemy
djberry,

I'm not looking for an argument, simply trying to understand this risk. Could you explain why lawyer Lionel Hutz, says:

"Before you go launching your life savings into $BUR call options, you should know that even Burford itself ascribes a substantially higher chance of loss than of winning. At a current estimated accounting value of $779mm based on Buford’s mid-year report, Burford ascribes about a 24% chance of victory (taking $3.2B to be the expectation value in the event of a favorable judgment). A ruling in Argentina’s favor on the conversion rate point alone would knock a zero off of Burford’s potential prize."

You say this is has been shown to be factually wrong. Where?

Posted at 24/1/2023 10:37 by sam55todd
Re: ...If BUR had assessed the probability of winning at c.30% they would never have invested in it. BUR's overall historic win rate is 91%...

1) Historic average rate is irrelevant since it's on a case by case basis. Generalizing and averaging is a dangerous game, one shoe size doesn't fit everyone, it won't even fit majority.

2) These things are not static and always been dynamic. The initial estimate and the probability as wheels are turning - are very different things. Ignoring new information as situation develops and ambiguity clears out - is the same mistake as some ostrich-type investors are making by burying heads in a sand when they are not adjusting their portfolio positions appropriately for changed environment.

Posted at 10/1/2023 14:23 by lazg
Burford Capital Limited (NYSE:BUR - Get Rating) - Stock analysts at B. Riley reduced their FY2022 earnings per share (EPS) estimates for shares of Burford Capital in a research report issued on Thursday, January 5th. B. Riley analyst M. Howlett now forecasts that the company will post earnings of $0.20 per share for the year, down from their previous forecast of $1.10. The consensus estimate for Burford Capital's current full-year earnings is $0.50 per share.

Separately, StockNews.com started coverage on Burford Capital in a research note on Wednesday, October 12th. They issued a "hold" rating for the company.

Posted at 09/12/2022 16:55 by trudgian
I used to be an auditor in a large firm of accountants, but I write in the simplest terms for clarity. Usually listed companies want their accounts to show the highest profit (for a higher share price and director salaries), and private companies the lowest (to reduce tax). The auditor only signs accounts that show a 'true and fair' view, right?

Wrong. They adopt the conservative view that their professional indemnity insurers want. There are very many different ways of fairly assessing profit, too complicated to discuss here, but auditors are predominantly concerned only with avoiding being sued. In a contra-cyclical business such as Burford, annual accounts can be meaningless. Revenues are both unknown and unreceived when the auditor has to approve the accounts.

2020/21 was an absolutely superb year for Burford. The highest ever level of approved new case deployments (cash out), yet the low covid court activity meant low revenues so the accounts had to show a loss. After Muddy Waters, 'fair value' adjustments are not an option for Burford.

A final point. There are now very many cases likely to be resolved in 2023 and 2024, and the law of averages suggests bumper cash receipts then, that the current share price may be undervalued even if Argentina fails to pay.

Posted at 31/8/2022 06:05 by chester9
SebArgentina has always paid but mostly because creditors initiated embargoes or asked the courts to apply injunctions on debt payments (Paul Singer). If Burford wins and does not put pressure, Argentina will likely kick the van down the road as much as possible.QuestionBut has there ever been a time when Argentina didn't eventually pay? And if it takes another 2 years, doesn't the payment accrue interest? I'd certainly want BUR to sell a % of the case in secondary mkt, but if they win, it's a pretty unique asset in today's mkt!SebJudge Preska will likely order Argentina to set aside some money in an Escrow Account. However, an appeal takes time and the losing side will probably seek an opinion to the Supreme Court.- As long as this case remains open, there's a risk that a judge/s could side with Argy.QuestionOkay interesting! I'd thought appeals takes away collection risk which is at least 'worth' half of the discount. Does that imply you think appeal is risky or very lengthy?SebThe value of cashing out will mostly depend on how much longer will the case last. Argentina could either appeal (another 12 months and then probably the Supreme Court) or start a long negotiation process. In the first case, the discount is much greater. QuestionThank you, good point. Assuming the market 100% discounts this scenario of cashing out, would you agree a sale would be worth 35 to 60 % of claim? (keeping aside for a minute the issue of how much the mkt would discount Burford's balance sheet cash)SebI strongly believe that, if BUR wins this thing, it will shop for buyers for the Eton case and cash in this victory. It will be a long time before Argentina actually pays and getting some award money with the ruling already in the books, will most likely help its market cap.QuestionShould Burford win the Argentina litigation, what percentage of claim value will the market assign to $BUR market cap in a win? My guess is 60 pct on the low end est. and 35 pct on the highest estimate
Posted at 15/8/2022 19:19 by maddox
What might happen to the BUR share price if we lose the YPF case?
Posted at 09/8/2022 18:50 by waldron
9 August 2022

BURFORD CAPITAL APPOINTS DR. RUKIA BARUTI AS AN INDEPENDENT NON-EXECUTIVE DIRECTOR

Burford Capital Limited, the leading global finance and asset management firm focused on law, is pleased to announce the appointment of Dr. Rukia Baruti as an independent non-executive director.

Dr. Baruti is the Secretary General of the African Arbitration Association and an experienced independent arbitrator. She is admitted as a solicitor in England and Wales and previously practiced commercial and arbitration law in London. She is also the founder of Africa International Legal Awareness, a non-profit organization dedicated to advancing African involvement in the international legal community, and a co-founder of the African Arbitration Association, a non-profit organization dedicated to promoting African arbitration practitioners. Dr. Baruti holds a bachelor's degree in law (first class) from Birkbeck College, University of London, a Master's degree from the University of Westminster, and a doctorate (cum laude) from the University of Geneva.

Dr. Baruti, 53, brings a valuable perspective to Burford's business as an arbitration expert with deep international experience. She will also serve as a member of its nominating and governance committee. She is Burford's fifth new non-executive director since 2020, and her appointment completes the refresh of Burford's board of directors ahead of schedule .

Burford previously announced a plan to achieve by its 2023 annual general meeting a board of directors with a majority of independent directors as defined by the UK Corporate Governance Code (to which Burford is not subject). Burford delivered an independent board of directors in line with the Code one full year ahead of schedule in May 2022 with the appointment of Christopher Halmy as an independent non-executive director. Dr. Baruti's appointment adds still more independent oversight to the Board.

Dr. Baruti's appointment also furthers Burford's plan to improve the diversity of its board of directors. Burford has stated that at least 30% of the board of directors should comprise female members as soon as reasonably possible; following the retirements of Mr. Parkinson at the 2023 annual general meeting and Mr. Wilson at the 2024 annual general meeting, Burford will exceed that goal.

Other required disclosures

Dr. Baruti's full name is Dr. Rukia Baruti Dames. Save as disclosed below in relation to current and past directorships, Burford confirms that there are no further disclosures to be made in relation to Rule 17 of paragraph (g) of Schedule Two of the AIM Rules for Companies in respect of Dr. Baruti's appointment.


Current directorships/partnerships: African Arbitration Association
Directorships/partnerships in Africa International Legal Awareness
the past five years: Ltd
-------------------------------------


For further information, please contact:


Burford Capital Limited
For investor and analyst inquiries:
Robert Bailhache, Head of Investor Relations, +44 (0)20 3530
EMEA and Asia - email 2023
Jim Ballan, Head of Investor Relations, Americas +1 (646) 793
- email 9176
For press inquiries:
David Helfenbein, Vice President, Public Relations +1 (212) 235
- email 6824

Numis Securities Limited - NOMAD and Joint +44 (0)20 7260
Broker 1000
Giles Rolls
Charlie Farquhar

+44 (0)20 7029
Jefferies International Limited - Joint Broker 8000
Graham Davidson
Tony White



About Burford Capital

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its principal offices in New York, London, Chicago, Washington, DC, Singapore, Sydney and Hong Kong.

For more information, please visit www.burfordcapital.com .

Posted at 27/7/2022 05:07 by djderry
I have no issue with investors shorting stocks.Having never shorted a stock,I probably would have made a lot more if I had,based on how some of them worked out! However,that's not the point here.Firstly,in tandem with their short position,MW issued what it called a 'report',having put in place an announcement announcing it would be doing so.This so-called 'report' contained a few facts,yes the company CEO and the CFO were/are married to each other.Guilty,your honor.It also contained untruths ( the most egregious claiming the company was 'arguably insolvent'.( Not until one understood that you can say anything you like once you qualify it with the word 'arguably 'that you start to see the depths to which MW was willing to go.The 'report' contained wrong case numbers,errors,and accusing the company of claiming success when it had lost cases.Each claim,one by one,was rebutted by Burford,even going to show,in the tiny number of cases where it accepted a non-cash return,that it increased the overall returns for the company.The 'big lie' ,that Burford was overly aggressive in its accounting practices was not only shown up,but Burford's conservative approach was vindicated.
So far,so what.Well,if the above facts were not outrageous enough,we then had allegedly market manipulation.In the course of the following trading day,hundreds( if not thousands)of trades were initiated and cancelled within milliseconds.The effect was to drive down Burford's share price without buying shares.Each 'order' automatically depressed the price and so on and so on.When Burford (correctly,in my opinion) initiated a case with the Stock Exchange,they were knocked back with a response reminiscent of the Widgery Report,where,if it were true ( and it was,of course)it would have been such an 'appalling vista' that it couldn't possibly be true!
Truth,my friend,is stranger than fiction and the billion pounds taken from the pockets of shareholders is just collateral damage.

Posted at 24/6/2022 19:33 by djderry
And that might be how it ultimately plays out.
But let's speculate for a moment.The essence for a settlement is when both parties can see a clear advantage for their side.I presume a good legal advisor (I'm open to correction here),having represented their client,earned their fee and so on is very nearly obliged to advise at the end of it all as to the realistic chances of success.
At present there is uncertainty as to the outcome of the litigation.When Judge Preska announces her final decision,that uncertainty will evaporate.Let's say,for the sake of speculation and round numbers,one were to put a price on that uncertainty.For the sake of simplicity,call it a billion dollars.
Let's say that YPF/Argentina approach the plaintiffs with the following:(those with a legal backround can comment on its feasibility):Let us jointly apply to the court for a stay on its decision for a set period,say one month/six weeks to see if we can negotiate a settlement.
After six weeks they agree/don't agree.
What's in it for both sides?
For the plaintiffs and Burford,legal certainty.For that,they give the defendants a billion dollar discount.That's on top of the deal agreed at the end of the period.You might think that is crazy.However,(again I speculate)on the day the RNS regarding the stay on the court order was announced to facilitate negotiations,Burford's share price increased by not far off a billion.
The deal,ultimately,had Argentina/YPF paying a paltry $300 million a year for x years.
Again,you might think it derisory.
However,as Burford relied less on the bond markets,their cost of borrowing plummeted while their already impressive ROIC went up,up and away.Did I tell you what happened to the share price?
And for the defendants? Well,firstly,a billion off the bill.That's not to be sneezed at.Secondly,they took back control (a meaningless statement,I know) forcing those English/Yankees to accept a small downpayment followed by manageable annual payments.(Meanwhile,Vaca Muerta's shale play has doubled its production and they hardly notice the payments) Did I mention that the YPF share price took off after they announced a similar deal in the Maxus Energy case? And Argentina became the new poster-boy for the IMF!
If they fail to agree,both sides can blame the other and get brownie points from Judge Preska.Now that's what I call a win-win.

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