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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
  -1.00 -0.06% 1,538.00 343,724 16:35:29
Bid Price Offer Price High Price Low Price Open Price
1,535.00 1,537.00 1,549.00 1,507.00 1,538.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 314.61 239.26 82.89 18.3 -
Last Trade Time Trade Type Trade Size Trade Price Currency
17:12:36 O 57 1,519.68 GBX

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Date Time Title Posts
15/7/201920:50BURFORD CAPITAL :::::::::::::::::::::::::: Litigation Funding6,527
15/7/201916:49BUR Charts648
04/7/201908:41Bond do go down-
17/6/201913:33Burford site uodate-

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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 1,539p.
Burford Capital Limited has a 4 week average price of 1,459p and a 12 week average price of 1,424p.
The 1 year high share price is 2,075p while the 1 year low share price is currently 1,288p.
There are currently 218,649,877 shares in issue and the average daily traded volume is 664,883 shares. The market capitalisation of Burford Capital Limited is £3,362,835,108.26.
steeplejack: Financial Times Article published at beginning of week is more insightful about what is dictating the share price than the Investors C. I suspect.Article starts by referencing Woodford woes and discusses major holdings. “Burford’;s accounts are as eye popping as it’s share price growth.Operating income leapt to $345m last year,according to S&P Global,10 times higher than it was in 2013.Operating cash flow dropped from $42m to a negative $233m.The group is borrowing to fill the gap.Net debts have tripled in two years to $331m. Fans will riposte that this is chicken feed compared with investments in legal cases valued by Burford under the oversight of EY,at $1.9bn. However,that figure depends in part on the company writing up the value of legal tussles that have not finished.These non cash gains accounted for 54% of revenues in 2018.Most of the rest came from cases settling in Burfords favour. In fairness,Burfords accounting policies are conservative by the very racy standards of litigation funding.It has a good investment record.According to Jeffries analysts,it has been on the winning side in two thirds of cases and four fifths by value.”
compnews: After enjoying a spectacular run in the prior two years, shares in BurfordCapital (BUR) endured a rockier rideafter last year’s equity market downturn. However, that comes with the territory given the stock’s high-growth status and belies the litigation finance specialist’s track record of impressive returns. Last year the return on its core portfolio jumped 85 per cent, with realisations from 26 different investments helping boost total income by a quarter. Since 2018, Burford Capital has been joined by litigation finance providers Manolete Partners (MANO) and Litigation Capital Management (LIT) on London’s junior market. However, those groups are minnows in comparison to Burford, which had net assets of $1.36bn at the end of December. The funding firepower backing Burford also puts it head and shoulders above peers, after it secured an additional $1.6bn (£1.3bn) in funding during 2018 for litigation finance investments, including $667m from entering a strategic relationship with a sovereign wealth fund. Under the agreement, a $1bn pool of capital will be invested on a 2:1 basis, with Burford providing the remaining $333m in exchange for 60 per cent of profits generated once the initial investment has been recovered. Encouragingly, for a group deploying such a high level of capital, Burford only tapped investors for further funds in October last year, raising nearly £200m via an oversubscribed share placing. That cash was raised to finance geographical expansion, including moves into Australia and Germany. Up until 2016, the group had financed new investments using cash receipts from existing business. Investing in litigation finance providers like Burford carries a natural level of high risk and assessing the value locked up in the portfolio is more difficult than traditional financial services groups. However, Burford only alters the fair value of ongoing cases in the event of a secondary market transaction, where it sells part of an interest in a matter to third parties, or if there is a significant development in the legal process of a case. Despite the rate of share price growth slowing since the final quarter of last year, we remain encouraged by the large amount of capital ready for deployment and the group’s track record of doing so profitably, with the portfolio generating a 31 per cent internal rate of return since its inception a decade ago. We remain buyers.
rar100: IC are doing a 2 part annual guide on the AIM 100 biggest stocks, Part 1 last week (bottom 50 stocks) On Friday will be Part 2, the top 50. Not sure where BUR is now, in the top 3 I believe, it was No. 1 for a while. I imagine there will be a lot of coverage on BUR given the Cannacord cat among the pigeons article and subsequent 'crash' of the BUR share price. From the share price action, to me it looks like the market still taking Cannacords view. As the UN climate report suggests, humans are stupid so I'm not surprised.
riverman77: Thanks for pasting the share price piece. To be fair I think they make a better case than Canaccord. I thought I'd go through each of the points and address in turn: Unrealised gains included in profits - this has already been commented on at length, but I think it's fair to say Burford take a very cautious approach and only book gains when there has been clear progress. As explained in the AR there are very few instances (if any) of Burford having to reverse an uplift. Unrealised gains making an increasing proportion of profits - this is just a function of the fact that Burford has massively increased investment over the past couple of years - these new cases have yet to be realised so in the meantime make up a larger part of the profits. Major risks to P&L if Burford lose a few cases - they are now very well diversified across lots of cases and portfolios of cases so I see this as less of a risk than before. Comparison to IMF Bentham who do not mark up, yet trade on lower price to book - not very familiar with IMF, but would be surprised if they match Burford's returns. If they do then, yes IMF are certainly worth a look. Market cap is $50m per employee v $2 for Goldmans - completely irrelevant comparison, completely different businesses. Some of the tech companies are worth even more on that measure, whereas Walmart would be tiny - it doesn't mean Walmart is better value! Market cap/AUM - comparsion with Schroders. Firstly, asset management form only a small part of the business, most of the profits come from the balance sheet. However, just taking the asset management side in isolation, you are looking at much higher fees and much higher prospects for growth. Compare with Schroders where fees are under severe pressure and growth hard to come by. Small number of cases accounting for most of profits - again this is a function of the previously smaller size of the business and the fact that it focused more on single cases. However, the last AR showed that returns continued at a similar level as before despite no huge wins over that period. Peterson risk - admittedly the impact here is somewhat binary and could trigger either a big fall or rally in the share price. I'm not sure where the 20% figure came from and if that's the right ballpark? In any event it wouldn't be the end of the world for Burford if they lost. Future returns won't match past returns given level of investment and increased competition - I think it's acknowledged that returns won't continue at same level. If that were the case this would be on multiple of 40-50 (instead of 11!) so this is more than reflected in the price. Poor cashflow - again this has been discussed here. It is just the nature of this sort of business at this stage of its development - legal cases aren't settled overnight. Auditor/chairman not changed - grasping at straws now! This could even be seen as positive. No sign of move from AIM - I'm not too keen on AIM so this is something I'm mindful of, but again this is reflected in the price. If this were US listed it would be double the current market cap. No barriers to entry - this is not true, you need significant expertise and capital to be successful in this field. Especially at Burford's level as the clear market leader. Reputation and client relationships are key - the big blue chip companies and legal firms aren't going to send cases to some start up firm with no background. They need a trusted partner - someone with deep pockets and the ability to see a case through and help with recovery if necessary (an area where Burford also has strong expertise).
galatea99: Post from "gus 1065" on Stocko. "Interesting discussion around Burford Capital (LON:BUR) . We’ve seen analysts making a name for themselves by offering a controversial bearish point of view on a stock before. I recall Glencore (LON:GLEN) getting a bashing a few years back when a previously credible analyst put out an extensive research piece demonstrating the equity was “worthlessR21; which knocked about 40% off an already deflated share price (down to about 70p per share as I recall). Like journalists, there’s little copy value for analysts singing from the same hymn sheet as everyone else so it’s no surprise that once they have a bear hypothesis they’ll tend to go with it rather than try and rationalise it directly with the company. Good to have a contrarian view aired but doesn’t seem to have been proven at the moment. One possible reference point might be the extent of any “smart money” market short interest. According to my main source, there are no disclosable (more than 0.5%) short interests in Burford Capital (LON:BUR) at the moment suggesting the professional bears are absent (notwithstanding yesterday’s share price fall) . If anyone has a different source saying anything different to that please could they post." About reflects my way of seeing this. An analyst grabbing headlines with some controversial and provocative screed, despite its very obvious shortcomings. Btw, Glencore is mentioned, its share price has actually quadrupled since it was, supposedly, about to go bust!
houseofpain1: Whilst admitting that I expected the share price to react more positively to yesterday’s results, this is a multi-year growth story so I would urge people not to worry about the share price day-to-day provided you have a long investment time horizon. Given the level of commitments written in 2018 (and in 2017), and assuming broadly similar returns to those achieved historically, it seems very likely that burfords earnings and NAV will continue to grow substantially over the next few years. So, without digging into the detail of current valuation etc, I think that probably the best thing to do with your Burford holding is to head to the beach and come back and see where the share price is in 5 years!
rar100: Article on Stockopedia.. (Their stock rank at 38 and Momentum Trap description always baffled me) Stock in Focus: Can momentum be maintained at Burford Capital? Tuesday, Mar 05 2019 by Roland Head 23 comments 2101 reads 27 | Report Litigation financing specialist Burford Capital has been one of the most successful stock market performers of recent times. The AIM-listed firm’s share price has risen by about 1,200% in just four years. It now commands a market cap that would place it near the top of the FTSE 250. However, Stockopedia’s algorithms have recently flagged up this stock as a potential Momentum Trap, a losing style that suggests valuation has risen far ahead of fundamentals. There are no new stocks to add to my SIF fund this week, so instead I’ve decided to take a closer look at Burford Capital’s performance to date. I’ll be asking whether now might be a good time to take profits -- or whether this is actually the kind of stock I should be buying. Litigation finance is hot There seems to be no limit to the current market appetite for litigation finance. Investors seem happy to provide increasing amounts of money to firms such as Burford Capital, in the hope that its legal expertise and skilled due diligence will result in a profitable settlement in a few years’ time. Burford remains the standout success on the UK market, but it’s growth has triggered a string of me-too flotations on AIM over the last year: • Manolete Partners (LON:MANO) - specialises in insolvency cases, which are said to be quicker to resolve than some other types • Rosenblatt (LON:RBGP) - this established law firm plans to use IPO proceeds to seed a new litigation finance division • Litigation Capital Management (LON:LIT) - an Australian firm that listed in December 2018 • A fourth firm, Vannin Capital, planned to float in October 2018 but cancelled its IPO due to market volatility It’s too soon to judge the track records of these recent arrivals. But Burford has been listed since 2009 and now commands a £3.9bn market cap. I think we should be able to learn something interesting from its numbers. How are profits calculated? Burford’s annual profits are based largely on estimates of the likely outcome of the legal cases in which it has invested. IFRS accounting rules specify that litigation financiers can book non-cash gains on cases, based on an independent review of the likelihood of success and the potential value of any settlement. The problem is that these cases often take many years to resolve. So while money floods into firms like Burford, we have little real idea of how consistent and sustainable its track record of wins will be. The company’s 2017 annual report shows that it still has investments ongoing from 2010, although the average length of a case is said to be about two years. The report also shows that the amount committed to investments each year has risen from $11.5m in 2009 to $697.8m in 2017. Despite this incredible rate of growth, the supply of potential cases appears to be almost unlimited. The company says that in 2017, its selection process resulted in 59 closed investments from 1,561 initial approaches. The class of the field? At the end of 2017, the company said that since 2009, it had delivered a 75% return on invested capital on investments of $442.8m. It seems fair to assume that the company has some fine legal brains on its team, as well as good accountants. But it’s worth noting that these impressive returns could be adversely affected if the returns from the firm’s ongoing investments -- which totalled $628.8m at the end of 2017 -- don’t match previous results. It’s also worth remembering that this business is a black box for most investors. Although I think Burford makes a good effort to be as transparent as possible, there is no way for most investors to assess the likely outcome of litigation cases, however much information might be available. Since its flotation in 2009, Burford has expanded rapidly to take advantage of what appears to be strong demand. This has meant that despite rising cash receipts, new investments made each year have consistently exceeded the return from concluded cases. That’s understandable, but it’s not without risk, in my view. Cash vs profits As a fairly conservative investor, I feel that the ultimate measure of success for Burford will be that it returns more cash to investors than it invests each year. How close is Burford to reaching this point? I’ve taken a look at the firm’s accounts to find out more: 2018: During H1, Burford reported $342.6m of cash proceeds from investments and committed $540.3m of new funding. In H2, Burford has secured $1.6bn of committed funding, of which it will provide $633m. The company will benefit from what appear to me to be generous management fees and profit share arrangements on the capital provided by external investors. My view: There are no obvious red flags here. Burford’s cash receipts have grown faster than its reported profits, which suggests the company has made some good investments so far. Debt levels look fine so far. 2017 net debt was less than one year’s cash inflows. The shift towards external funding means that outside investors will get a growing share of the group’s profits. I’d guess that it may also reduce Burford’s funding obligations and slow the increase in debt. Eventually, perhaps we will see the firm’s accounts start to represent those of a fund manager. Principal investing: One area that I think is worth watching is the group’s expansion into “principal investing”. This is where Burford takes a position in an asset that will be involved in a litigation claim. In 2017, $500m was raised to pursue this strategy. An example given by the firm is that it might buy distressed bonds in a corporate fraud case, and then take part in litigation against the perpetrator of the fraud. Management say that principal investing will allow Burford to “exercise more control over litigation outcomes than we are permitted to exercise as a financier”. With my sceptical hat on, I would suggest that principal investing might also function as a kind of leverage. When successful, it could amplify the returns that might be received from financing. Of course, in unsuccessful cases, the opposite might apply. Are the StockRanks right? Stockopedia’s algorithms respect the firm’s consistent strong growth, but Burford scores poorly elsewhere: Are the StockRanks right? Looked at in purely financial terms, Burford is a business with fast-rising profits: Very high profit margins and returns on equity: But negative cash flows and rising debt: Looked at in these terms, the firm sounds pretty dubious! However, I don’t think this is a fair way to characterise this business. Burford does appear to be a significant and successful player in a growing part of the legal sector. There are two risks that would stop me investing. The first is that the black box nature of the business appears to make it impossible for investors to form an informed judgement. The second is that the group’s aggressive growth poses an additional risk (in my opinion) and prevents it generating any free cash flow. Overall, I think the StockRanks are giving us a balanced view of the current situation. Although I would agree that the stock’s rolling forecast P/E of 16 and 0.6% yield actually seems quite reasonable for a growth stock, I think the stock’s valuation might be better measured relative to its balance sheet. The H1 2018 balance sheet shows investments valued at $1.2bn and a net asset value of nearly $1bn. Burford’s market cap of £3.9bn values the equity at more than five times this book value. When combined with the shift towards external financing, I think this valuation could come under pressure. The situation is too speculative for me personally.
lomax99: Holberg manager digs more gold in the US Https:// Holberg manager digs more gold in the US In November, we talked about an active manager's pursuit of investments that can yield excess returns. Holberg Global responsible for Harald Jeremiassen is hunting best when he is at conferences and can see top managers in the white clothing. - Everyone has heard about the companies that are presenting themselves on day 1. In Norway, for example, this would have been Equinor, DNB or Telenor. As a manager, it is unlikely that you manage to identify any serious errors with the market's valuation of companies such as this. The possibility of creating real excess returns is far greater when you arrive at day 3, when you feel most tired, he told that time. - Clearly the most important thing is to understand the business model and whether it will remain intact through troubled periods. Reading reports doesn't mean you have to see the management in the whites and hear them explain themselves, Jeremiassen continued.Also read: The Holberg Manager's unknown gold nuggets Dig more gold in the US Now the manager has found a new "day 3 company". The baby is American and is called Burford Capital. The company offers financing in connection with litigation, arbitrage or other legal disputes. The company currently has over 50 experienced lawyers who specialize in assessing legal requirements and appreciate these requirements. In practice, Burford Capital issues claims with a mortgage on the assets to which the lawsuit relates. Demand for the company's services seems strong, and in 2017, Burford invested in less than four percent of incoming requests. - Extremely exciting- An extremely exciting case. In practice, the company has built up an entire industry, says Jeremiassen to today. - We came across the company at a technology conference in London in December, and the senior management gave a solid impression. A few days after joining around one percent of the fund, he adds. Holberg Global has now passed NOK 2 billion in total assets, and is now ahead of its benchmark over both three, five and 10 years, after the fund was in arrears in November. Burford Capital has an impressive history to point to.Earnings per share (EPS) have risen 66 percent annually on average over the past five years. Similarly, the share price during the same period is up 76 per cent on average per year. The activity level has doubled during the same five years.- The stock is up 15 percent since we entered, shooting Jeremiassen.- A great modelThe company offers what, according to the manager, is a new and unique payment model within the law industry: "no cure, no pay". - The brilliance of Burford Capital is that they pursue cases that would not otherwise have been followed up in the court. Legal proceedings take a long time and cost a lot of money. Top executives are reluctant to set aside the required number of dollars for anything that is outside of core business. And if you're lucky enough to win the case, it's just an extraordinary win, says Jeremiassen. He emphasizes that the company only recommends cases where the claim is considered to have "high, potential economic value", and of course, success must be considered as highly probable. "A court process can at worst take 5-7 years, but Burford Capital has been good at picking cases and settling. If the customer wins, the company takes out 1/3 of the potential value of the claim, and this share has stood firm as the company has grown. It is a simple and straightforward but canon-good model, and no customers complain, Holberg Manager says. Lawyer and bank hybridAnd it may not be so strange when we weigh up potential downside and upside for the customer. - Recommending Burford Capital to run the case, the company raises loan financing (for example, 15 percent of the potential value of the claim) on behalf of the customer, thus eliminating the cost of their own accounts. And should the "worst case" occur (to lose the case), the customer pays nothing. At the same time, the upside is left with 66 percent of the potential value of the claim, and a pat on the shoulder from the boss, explains Jeremiassen. He emphasizes that Burford Capital does not conduct cases, but offers financing in matters the company recommends. Customers also receive a recommendation for large, well-known law firms that should conduct the cases. - From the outside, the law firm is a place you want to invest: the environment is closed, regulation strict and wages very good. Law firms themselves cannot be banks and build companies like Burford Capital, so here is room for players who settle in the bed between the lawyer and the banking industry, says the manager.- Definitely megatrend Can lawsuit financing be a megatrend? - So definitely. Is there something that is safe in life, it is death, the treasure and that people are going to sue each other. And then you can argue that the industry is countercyclical. People sue each other in boat (google translate)
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: 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://
Burford Capital share price data is direct from the London Stock Exchange
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