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BUR Burford Capital Limited

1,097.00
21.00 (1.95%)
Last Updated: 16:15:25
Delayed by 15 minutes
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
  21.00 1.95% 1,097.00 84,473 16:15:25
Bid Price Offer Price High Price Low Price Open Price
1,097.00 1,098.00 1,101.00 1,070.00 1,075.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt USD 1.39B USD 610.52M USD 2.7883 3.94 2.4B
Last Trade Time Trade Type Trade Size Trade Price Currency
16:15:25 AT 56 1,097.00 GBX

Burford Capital (BUR) Latest News

Burford Capital (BUR) Discussions and Chat

Burford Capital Forums and Chat

Date Time Title Posts
12/6/202415:49BURFORD CAPITAL :::::::::::::::::::::::::: Litigation Funding26,205
04/10/202315:38YPF Monetization2
20/9/202321:07Burford Capital - Argentina Interest Watch1
20/9/202319:03Burford Capital - Argentina Interest Watch-
06/8/202311:30Payment -

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Burford Capital (BUR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
15:12:151,098.001701,866.60AT
15:12:111,097.00931,020.21AT
15:12:031,098.00332.94O
15:11:551,098.001061,163.88AT
15:11:551,098.0024263.52AT

Burford Capital (BUR) Top Chat Posts

Top Posts
Posted at 12/6/2024 09:20 by Burford Capital Daily Update
Burford Capital Limited is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker BUR. The last closing price for Burford Capital was 1,076p.
Burford Capital currently has 218,957,218 shares in issue. The market capitalisation of Burford Capital is £2,404,150,254.
Burford Capital has a price to earnings ratio (PE ratio) of 3.94.
This morning BUR shares opened at 1,075p
Posted at 28/5/2024 17:11 by extrader
Also from Seb

Burford
@BurfordCapital
·
41m
Burford Capital is expected to join the broad-market Russell 3000® and small-cap Russell 2000® Indexes.

Click to read the release.

hxxps://burfordcapital.com/insights-news-events/news-press-releases/burford-capital-expected-to-join-russell-3000-and-2000-indexes/?utm_source=sm&utm_medium=twitter_&utm_content=

#legalfinance #litigationfunding #BurfordCapital

I'm somewhat surprised that BUR doesn't appear to have released this news to its UK-based shareholders ...

GLA
Posted at 05/5/2024 17:10 by extrader
Hat tip to BlueWiley

Greenhaven Road Capital shareholder update

From hxxps://www.greenhavenroad.com/investor-letters

Burford (BUR) - As the ancient Greeks said, "The wheels of justice turn slowly, but grind exceedingly fine." As a litigation financer, Burford has funded a large portfolio of legal cases that are working their way through the legal process. Their largest "holding" is a judgement against Argentina related to the YPF case, for which Burford is in charge of pursuing the payout.

If Burford were to collect the full $6.2B (not including post-judgement interest accruing at ~5% per year), this windfall would be worth $28 per share. To be clear, especially given Argentina's history in cases of this type, it is my expectation that Burford will take a haircut in a negotiated settlement. Interestingly, Burford's CIO Jonothan Molot appears on the visitor logs for senior Argentinian officials

(hxxps://audiencias.mininterior.gob.ar/buscar?q=molot)..

at least they are talking.

While the YPF judgment is a massive asset for Burford, it is far from the only case that should start gaining more traction in the near term. Despite receiving $242M of proceeds from $135M of pre-2020 vintage deployments in 2023, Burford still has ~$782M of deployments remaining in that vintage that we should start seeing flow through the P&L in the form of realizations as courts are now fully re-opened and cases delayed by the pandemic conclude.

Similar to the inevitable growth of KKR, excluding a change of law limiting litigation finance, I believe that Burford should continue to grow because of corporate manager incentives. They are solving two problems, particularly for public companies. First, legal cases are a drain on current year P&L. Thus, if a CEO or CFO wants to preserve this year's earnings, they can have Burford pay the legal expenses, resulting in "found money?" It is easy to see a CEO hugging the General Counsel and CFO when they tell him/her that they found the money to "save" the year simply by partnering with Burford.

The second problem is that the market does not generally attribute value to pending legal cases, and GAAP accounting does not help. However, if you sell a portion of the potential outcome to Burford for cash, the market does value that. Want to
"strengthen" your balance sheet, at least optically, for the market or lenders? Sell a part of your case to Burford. One Fortune 50 company partnered with Burford last year for a $325M commitment to their case.

Right now, Burford is the only funder with that scale. CEOs, CFOs, and General Counsels like collecting bonuses. If that means giving up some future economics to Burford, which is playing the justice-turns-slowly game, so be it. With these dynamics, I think demand will grow.

Ultimately, shareholder returns will come down to Burford's case-selection abilities, which historically have been outstanding. Since inception, only 8% of deployments have gone to adjudication and lost, resulting in a ~85% loss of capital to those line items. In contrast, 73% of deployments reached a settlement returning an average of 58% (23% IRR), and the remaining 19% reached a winning adjudication returning an average of 247% (49% IRR).

Time will tell if these high returns continue, but there is a lot of upside potential that is not being priced into shares today. The CEO seems to agree with his recent $5M purchase.

ATB
Posted at 11/3/2024 13:44 by tomtrudgian
Thank you Extrader, as always, for your informed and extensive research. No, lawyers don’t come cheap, or even cheaply for those who prefer adverbs to adjectives. I agreed, without my actual knowledge, with SL’s suggestion that the legally ATTACHABLE YPF assets are limited. I therefore think that the legal cost may be irrelevant.

What I wish to return to, ad nauseam, is to help shareholders understand Burford’s accounts. Deployments and Realisations are just cash out & in, every three months. Not important to an assessing a business with results unknown and unknowable for years.

Only 3 matters seem both to be, to an extent, quantifiable, and essential to shareholders.
1/ In particular the quite astonishing five-fold annual increase in the level of Capital Provision Income. If confirmed in the audited 2023 FY results.
2/ The level of Commitments in the audited Q4, when soon known. Commitments are not cash in or out. They are newly contracted investments in approved future investments negotiated months before. Shareholders may wish to use algorithms to guess future business activity, profit or loss.
3/ This one is wholly irrelevant to Burford long term prospects, but may well be to the immediate Burford share price when the FY results are announced:
In the conceivable event that the YPF Q3 carrying fair value of US 1.3m dollars is altered by the auditors in FY 2023 the share price may well be affected up or down.

Finally, Extrader could you kindly advise how I can access the YPF Q4/presentation?
Prospects for YPF and Argentina seem awesome in a couple of years.
Posted at 11/3/2024 13:07 by tomtrudgian
Thank you Extrader, as always, for your informed and extensive research. No, lawyers don’t come cheap, or even cheaply for those who prefer adverbs to adjectives. I agreed, without any actual knowledge, with SL’s suggestion that the legally ATTACHABLE YPF assets are limited. I therefore think that the legal costs may be irrelevant.

What I wish to return to, ad nauseam, is to help shareholders understand Burford’s accounts. Deployments and Realisations are just cash out & in, every three months. Not important to a business with results unknown and unknowable for years.

Only 3 matters seem both essential and, to an extent, quantifiable:
1/ The quite astonishing five fold 2023 increase in the level of Capital Provision Income.
2/ The level of Commitments in audited Q4, when known imminently. Commitments are not cash in or out. They are newly contracted investments` in future investments negotiated long before BUR approval. Shareholders may wish to use algorithms to guess future business activity, profit or loss.
3/ This one is irrelevant to Burford long term value, but only to the immediate Burford share price when announced:
In the unlikely event that the YPF Q3 carrying fair value of US 1.3m is altered by the auditors up or down in FY 2023 the share price may well be affected.

Finally, Extrader could you kindly advise how we can acces the YPF Q4/presentation?
Prospects for YPF and Argentina seem awesome in a couple of years.
Posted at 22/2/2024 18:21 by tail_risk
From Greenhaven Road Q4 Letter:Burford (BUR) – The litigation finance company is by definition "playing the long game" as their average case takes almost three years from funding to resolution, but many take significantly longer. As a result, earnings in three years really are being driven by the investments being made today. The two senior managers of Burford each own more than $100M worth of stock. They are building an asset management business. Two of management's priorities with long-term implications are to continue to build out both their data science infrastructure – Burford believes that they have the best proprietary data on legal settlements, which improves their case underwriting and thus long-term returns – and their customer base. Historically, the "deal pipeline" of cases came from law firms looking to get their legal work paid for by Burford so that clients were more likely to pursue their cases. Increasingly, large companies are coming to Burford with cases as a case financed by Burford allows management to pursue a case without hurting current year earnings and their current year bonuses. Burford is currently working with 2 Fortune 50 companies. Working directly with corporates is going to be important for continuing to grow the litigation financing business. Like the rest of Burford's investor base, I am paying attention to their Argentina YPF case because – if and when they can collect their judgement – the potential proceeds exceed the market capitalization of the company. The developments with the new Argentinian president are incrementally positive for Burford. We are also tracking several other material cases, including Sysco, and any indications of continued progress on the corporate front. As discussed in our investor presentation (to investors only) that accompanied our last letter, Burford's business is one where power laws can come into play. In general, they earn good returns on average for "meat and potatoes" type cases but have the potential to earn incredible returns on a smaller basket of cases which can have outsized impacts on business valuation.
Posted at 12/2/2024 15:14 by dagoberia
Bur share price as unpredictable as ever.. rather bad news from the chicken case, I thought this would drop.. the opposite. I guess the market thinks this ruling cannot impact YPF
Posted at 30/1/2024 16:49 by chester9
Burford Capital Announces Closing of Private Offering of Senior Notes Burford Capital Limited ("Burford" or "Burford Capital"), the leading global finance and asset management firm focused on law, today announces the closing on January 30, 2024 of the private offering of $275.0 million aggregate principal amount of additional 9.250% senior notes due 2031 (the "Additional Notes") by its indirect, wholly owned subsidiary, Burford Capital Global Finance LLC (the "Issuer"). The Additional Notes are guaranteed on a senior unsecured basis by Burford Capital as well as Burford Capital Finance LLC and Burford Capital PLC, both indirect, wholly owned subsidiaries of Burford Capital (such guarantees, together with the Additional Notes, the "Securities"). There was $400.0 million aggregate principal amount of the Issuer's 9.250% senior notes due 2031 (the "Initial Notes") outstanding prior to the closing of the offering. The Additional Notes were initially offered to investors at an offering price equal to 103.625% of the principal amount thereof, plus accrued interest from January 1, 2024, representing a yield to worst of 8.251%. The Additional Notes were issued as "Additional Notes" under the indenture, dated as of June 26, 2023 (the "Indenture"), by and among the Issuer, Burford Capital, as parent guarantor, the other guarantors party thereto from time to time and U.S. Bank Trust Company, National Association, as trustee (pursuant to which the Issuer previously issued the Initial Notes). The Additional Notes have identical terms to the Initial Notes (other than with respect to the date of issuance, the issue price and the first interest payment date) and will be treated as a single class for all purposes under the Indenture. Burford Capital intends to use the net proceeds from the offering of the Securities for general corporate purposes.
Posted at 16/1/2024 13:07 by chester9
BURFORD CAPITAL ANNOUNCES PRIVATE OFFERING OF SENIOR NOTES Burford Capital Limited ("Burford" or "Burford Capital"), the leading global finance and asset management firm focused on law, today announces the planned private offering of $200.0 million aggregate principal amount of additional 9.250% senior notes due 2031 (the "Additional Notes") by its indirect, wholly owned subsidiary, Burford Capital Global Finance LLC (the "Issuer"), subject to market and other conditions. The Additional Notes will be guaranteed on a senior unsecured basis by Burford Capital as well as Burford Capital Finance LLC and Burford Capital PLC, both indirect, wholly owned subsidiaries of Burford Capital (such guarantees, together with the Additional Notes, the "Securities"). There is $400.0 million aggregate principal amount of the Issuer's 9.250% senior notes due 2031 (the "Initial Notes") outstanding as of the date hereof. If issued, the Additional Notes will be issued as "Additional Notes" under the indenture pursuant to which the Issuer previously issued the Initial Notes, will have identical terms to the Initial Notes (other than with respect to the date of issuance, the issue price and the first interest payment date) and will be treated as a single class for all purposes under such indenture. Burford Capital intends to use the net proceeds from the offering of the Securities for general corporate purposes.
Posted at 28/12/2023 11:06 by laughton
So what? You think that the BUR share price would react positively to them accepting coupons on bonds issued by Argentina in settlement of their award?
Posted at 29/10/2023 16:22 by three black crows
TOP HOLDINGSIn addition to PAR, our other top holdings include Burford Capital (BUR), KKR, APi Group (APG), and Cellebrite (CLBT):Burford Capital (BUR): Burford is a litigation funder that funds legal cases for a portion of the proceeds. The company's downside is limited to the cost of funding a lawsuit, and their upside is limited only by the size of the settlement or jury award. Burford's most successful investment to date has been YPF, where they funded a case against the government of Argentina, which privatized the YPF oil company without providing compensation to shareholders. During the third quarter, a judge in New York ruled in favor of Burford and other YPF claimants in every way possible. Burford's share of the verdict is $6.2B and accruing interest at over $300M per year. This is quite significant relative to Burford's $3B market capitalization, though the market is discounting the award because Argentina has a history of trying to avoid paying.In my opinion, if Burford is going to be successful, a few massive cases like YPF will drive a significant portion of the returns. In venture capital, this dynamic is referred to as Power Law. As the investor Peter Thiel said, the "biggest secret in venture capital is that the best investment in a successful fund equals or outperforms the entire rest of the fund combined." On paper, this has been the case with YPF where Burford has invested a total of $35M to date. Yes, on paper that is a 177 bagger. Burford already sold $7M of their investment for $236M, or more than a 30 bagger. It is likely that Burford will take a discount to collect their $6.2B YPF judgement but, given that their basis is only $28M whatever the discount, the returns should be eye-popping.Over the course of the summer, we spent significant energy looking at other cases that Burford has funded. The company is intentionally opaque and will not discuss individual cases for many reasons, including confidentiality. However, after sifting through thousands of pages of court documents (via the public access resource PACER), Burford presentations, SEC filings, and news media accounts, there is reason to believe that Burford has line of sight to another multibillion-dollar award where collectability is far less of an issue than with YPF. Given the multiple sources and triangulation involved, the presentation of our analysis is far more suited to PowerPoint than a quarterly letter. We will email the presentation to all limited partners next week, but for now, rest assured I believe Burford is worth far more than the $13 per share Mr. Market has ascribed to it
Burford Capital share price data is direct from the London Stock Exchange

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