City Of London Investment Dividends - CLIG

City Of London Investment Dividends - CLIG

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
City Of London Investment Group Plc CLIG London Ordinary Share GB00B104RS51 ORD 1P
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 520.00 16:29:45
Open Price Low Price High Price Close Price Previous Close
520.00 504.00 520.00 520.00 520.00
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Industry Sector

City Of London Investment CLIG Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

2wild: Totally agree Karpus is no mug and won't be selling any shares on the cheap, especially given he will be getting over £5 million in CLIG dividends every year, on top of his generous salary.
masurenguy: Karpus benefit coming through strongly 18 FEB 2021 / HARDMAN CORPORATE RESEARCH City of London has announced its interim results for FY’21. The merger with Karpus took place in the middle of the reporting period, which, together with strong market performance, has had a strong beneficial effect. Gross revenue grew to £23.7m, an increase of 37% over the figure from the same period a year ago. Statutory profit also showed a strong increase, even after the exceptional transaction costs and introduction of amortisation. On an underlying basis, earnings grew 81% to £8.82m, while underlying EPS was up 23%, from 19.4p to 23.8p. An interim dividend increase to 11p had been announced previously. FUM: City of London provided some further details on fund flows and performance. Both the retail and institutional assets within Karpus saw net outflows, reflecting rebalancing more than transaction disruption. Five of its six strategies outperformed in the last quarter. Amortisation and estimates: The transaction introduces a large amortisation figure: £1.1m for the last quarter. We have moved our forecasts to an underlying basis, with 2021E EPS now 47.1p, an increase of 24% over 2020 EPS. We have also introduced 2023 estimates. Valuation: Despite the recent good performance, the 2022E P/E of 11.9x remains at a discount to the peer group. The 2022E yield of 7.2% is attractive, in our view, and should, at the very least, provide support for the shares in the current markets. Risks: Although City of London has reduced its relative emerging markets exposure, it is still 47% of assets. It has proved to be more robust than some other fund managers, aided by its good performance and strong client servicing. Market volatility remains a risk, although increasing diversification is also mitigating this. Investment summary: Having shown robust performance in challenging market conditions, City of London is now reaping the benefits in a more supportive environment. The valuation remains reasonable. After a special dividend in FY’19, a dividend increase in FY’20 and with the EPS boost from Karpus in 2021, the prospects for future dividend increases look very good.
davebowler: Zeus- Organic & acquisitive growth What’s new: Interims confirm strong organic growth, with substantial contribution from the Karpus Investment Management (“KIM”) acquisition from 1 October. § Group consolidated FuM of US$10.9bn (£8.0bn) on 31/12/2020, included record FuM for City of London Investment Management (“CLIM”) of US$7.2bn (Dec 2019: US$ 6.0bn) and KIM of US$3.7bn (acquired 1 October 2020); § At end January 2021 consolidated FuM was US$11.1bn (£8.1bn); § Net fee income rose 38% to £22.6m, with £5.1m contribution from KIM acquisition and £17.5m from CLIM (i.e. 6% organic growth); gross of commissions and custody fees revenue rose 37% to £23.7m; § Underlying PBT rose 81% to £11.2m (pre £1.7m exceptional merger costs, £1.1m of amortisation of acquired intangibles and £0.4m investment gain), with £3.4m from KIM and £7.8m from CLIM (i.e 26% organic growth); § 22% rise in underlying EPS to 23.8p (1H20: 19.4p); § 20% rise in net cash to £17.5m (30 June 2020: £14.6m); § 10% rise in interim DPS to 11p (1H20: 10p) with ex date of 5 March 2021. Performance: “The rebound in CLIM assets from March 2020 lows continued apace … The emerging market product posted a relative gain of 6.4%, developed 14.6% and opportunistic value 11.6% against their respective benchmarks … with the result that more than 95% of CLIM’s FuM achieved above average performance for 2020 as a whole.” Low asset volatility of KIM’s FuM “represents a central positive factor in the long-term benefits that should derive from the merger.” Zeus view: With higher FuM and a £3.4m monthly run-rate for operating profit, on 20 January, in the absence of full interim accounts, we raised our 2021 adj EPS by 8% to 48.7p and our 2022 adj EPS by 4% to 49.0p. Using management’s new KPI “underlying profit and underlying EPS”, we forecast underlying PBT for FY21E of £26.2m, and for FY22E of £30.8m, and underlying EPS for FY21E of 47.6p (2% cut) and for FY22E of 49.0p (unchanged). Our DPS forecasts are unchanged. Year to date the Emerging Markets Index is up 10%. Our forecasts prudently assume no further market rise. Valuation: At 556p CLIG shares are trading on 11.5x PER and 5.9% dividend yield, with 2.0% yield on the interim dividend alone
mister md: yes one to buy and hold, superb combination of both dividend yield and capital appreciation. Just wonder if there is anything in particular driving the latest move ?
davebowler: Zeus; FuM doubles to US$ 11 billion What’s new: Ahead of the publication of the Group’s interims results for the six months to 31 December 2020, CLIG has released a detailed trading update which reveals: § Group consolidated FuM of US$11.0 billion (£8.0 billion), which is twice the FuM of US$5.5 billion (£4.4 billion) at the Group’s year end on 30 June 2020; § The merger with Karpus Management Inc ("KMI") added c US$3.6 billion from 1 October 2020; § Investment performance across CLIG’s investment strategies was “strong”, following “significant discount narrowing” and “good NAV performance”; § Rebalancing of client portfolios resulted in US$ 290 million of net outflows. Interims results on 15 February will show: § 84% rise in adj PBT to £11.6m (2019: £6.3m) before £1.7m of exceptional costs relating to KMI merger; § 20% rise in net cash to £17.5m (30 June 2020: £14.6m); § 10% increase in interim DPS to 11p (1H20: 10p); ex date: 5 March 2021. Guidance: The statement revealed post-merger run-rate for operating profit, before profit-share, is approx £3.4m per month based upon current FuM and 1.367 US$/£ exchange rate. Zeus view: With higher FuM and a £3.4m monthly run-rate for operating profit, we increase our 2021 adj PAT by 8% to £21m (previously: £19.4m) and 2022 adj PAT 4% to £24m (previously: £23.1m), as well as our forecasts for operating profit, PBT and revenue. We will publish further details of these increases in due course. We raise our 2021 adj EPS by 8% to 48.7p (previously: 45.1p) and our 2022 adj EPS by 4% to 49p (previously: 47.1p). We increase our full year DPS for 2021 by 10% to 33p (previously 30p) and 2022 DPS by 3% to 33p (previously 32p), reflecting not only the higher interim DPS but also our higher earnings forecasts. Valuation: At 454p CLIG shares are trading on 9.3x PER and 7.3% dividend yield, with 2.4% yield on the interim dividend alone.
dangersimpson2: That's a c.15% rise since Oct 1st. Other asset managers such as Polar Capital are up 40% since 1st Oct on the same 15% rise in AUM. Which makes sense since asset managers, including CLIG, are geared to their AUM on a largely fixed cost base. As another example of this, Impax has gone up 68% on a 25% rise in AUM since 1st Oct. But CLIG are up just 8% since 1st Oct. And with a further c.6% rise in the MSCI EM since Jan 1st then AUM could be up around 20% since 1st Oct, depending on the performance of the KMI part. hTTps:// And it is not like CLIG are on a higher rating than others in the sector. POLR are on a fwd P/E of 12 and IPX 42 vs 10 for CLIG. And the forecasts for POLR & IPX are updated to reflect their latest AUM. In contrast, the last notes on CLIG were the Zeus note 8th October: hTTps:// And Hardman from 13th Oct: hTTps:// Which means the brokers forecasts have not been updated for the recent rise in AUM. Hardman had forecast an AUM rise but even they are behind the curve based on current figures from the company. I reckon EPS to June 21 will be at least 15% higher than consensus and c.30% higher than consensus to June 22 if AUM remain at similar levels to today. [minor edit for wrong y/e date] So that forward P/E of 10 is actually closer to 7 and the price would need to be around £7.50/share simply to trade in line with the minimum rating of other listed peers. Hopefully tomorrow’s trading update will prompt brokers to update their numbers to match current trading which should focus investors’ minds on what appears to be a great opportunity to buy into a high performing sector at a significant discount to not just peers but the general market too.
skinny: City of London Investment Group PLC Dividend cover template. City of London Investment Group (LSE: CLIG), is pleased to announce that following the completion of the merger with Karpus Management Inc ("KMI") on 1st October 2020 (the "Completion Date"), the Company has re-instated its dividend cover template on its website The dividend cover template shows the quarterly estimated cost of a maintained dividend against actual post-tax profits for last year, the current year and the assumed post-tax profit for next financial year based upon specified assumptions. On a consolidated basis, as of 31st October 2020, the Group managed client assets of approximately US$9.5 billion. The integration of operational areas such as Finance and Information Technology is underway and progressing on schedule.
davebowler: Zeus- 1Q trading update What’s new: City of London Investment Group (“CLIG”) has released an impressive trading update to 30 September 2020, which includes comment on City of London Investment Management (“CLIM”) 1Q post tax profits, client assets (FUM & AUM) at period end and CLIG’s acquisition of KMI that completed last Thursday. § 8% rise in CLIM’s FUM to US$5,935m (30/6/20: US$5,503m) which is a 4.5% rise in Sterling value of FUM from £4.4bn to £4.6bn; § Outperformance of all CLIM investment strategies, except Frontier (< 3% of FUM) where discounts widened; § Net outflows of US$83m were 1.5% of opening CLIM FUM: US$107m flowing out of Frontier and US$39m net inflows to Emerging Market strategies; § 17% rise in CLIM’s 1Q post-tax profit before exceptionals to £2.8m (2019: £2.4m) with £1.8m exceptional costs of KMI acquisition PAT are circa £1.0m; § Acquisition of KMI with AUM of US$3.6bn completed on 1 October 2020, with 98% of client assets transferred on acquisition; § Group manages US$ 9.5bn of client assets, as of 1 October 2020; CLIG’s 20p final DPS, is subject to approval at AGM on 19 October. Zeus view: CLIG’s 1Q results are consistent with our forecasts for 2021E and 2022E (see pages 2 to 5), which include the KMI acquisition from 1 October 2020. We draw attention to the following points: § Post KMI, only 44% of Group client assets are invested in emerging markets; § KMI AuM of US$3.6bn (£2.8bn using $1.29: £1 exchange rate) is ahead of our previous estimate of US$3.4bn (£2.7bn using a $1.25: £1 exchange rate); § Sterling has strengthened from US$1.25 = £1 to a high of US$1.33 and is now US$1.29. In future we expect Client assets will be less sensitive to equity market movements. In FY22 with a full year from KMI, we see CLIG delivering 47.1p adj EPS and the Group paying a 32p dividend. Our forecasts continue to show CLIG’s net cash of £20m in June 2021 and £30m in June 2022. Valuation: On our FY21 forecasts, at 435p CLIG shares trade on only 9.6x current year EPS and offer investors a 6.9% dividend yield. With a full year contribution from KMI in FY22 the PER falls to 9.2x and dividend yield rises to 7.4%.
masurenguy: FUM up by 7.3%. Dividend up by 10%. As at 30th September 2020, FuM were US$5.9bn (£4.6bn). This compares with US$5.5bn (£4.4bn) at the Company's year-end on 30th June 2020. IM Performance Performance was ahead of the benchmark over the quarter in all strategies ex-Frontier. Specifically, in the Emerging Market (EM) strategy NAV performances were positive. In both the International (INTL) and Opportunistic Value (OV) strategies relative returns were driven by strong NAV performance and positive discount effects. The Frontier strategy was negatively impacted via sharply wider discounts. The EM strategy had net inflows of US$39 million, while the Frontier strategy had outflows of US$107 million over the period. Net flows were flat for the INTL and OV strategies. Operations The Group's income currently accrues at a weighted average rate of approximately 74 basis points of FuM. "Fixed" costs are c. £1.1mn per month, and accordingly the current run-rate for operating profit, before profit-share of 30% is approximately £1.7m per month based upon current FuM and a US$/£ exchange rate of US$1.29 to £1 as at 30th September 2020. The Group estimates that the post-tax profit before exceptional items of c. £1.8m in relation to the KMI merger for the first three months of the year will be approximately £2.8m (2019: £2.4m) and post-tax profit after charging the exceptional items as detailed above for the first three months of the year will be approximately £1.0m (2019: £2.4m). Dividends The final dividend of 20 pence per share, subject to approval at the AGM on 19th October 2020, will be paid on 30th October 2020, bringing the total dividend for the financial year 2019-20 to 30 pence (2018-19: 40.5 pence, including the special dividend of 13.5 pence paid in March 2019). Update on Merger of CLIG with KMI As previously announced, CLIG completed the merger with Karpus Management Inc ("KMI") on 1st October 2020 (the "Completion Date"). KMI's client approval process resulted in approximately 98% of client assets being retained. As at 30th September 2020, KMI had US$3.6bn of FuM. On a consolidated basis, as of 1st October 2020, the Group managed client assets of approximately US$9.5bn.
davebowler: Zeus-What's new: City of London Investment Group has published its interim results 6th for the 6 months to 31 December 2019, which are in line with the detailed trading update released on 14 January: ·         Good NAV performance and narrowing discounts enabled its Emerging Market, International Developed and Opportunistic Value strategies to outperform.·         Revenue of £17.3m, PBT of £6.3m and attributable profit of £5.0m.In January 2020, with the Emerging Market Index down 4.7%, CLIG's Funds Under Management ("FUM") fell only 4.0% to US$5.8bn; with Sterling weakening 1.7% to US$1.30, CLIG's FUM in Sterling was £4.4bn. We expect management to release a 3Q trading update on 21 April.Zeus View: In this note we analyse the interim results (Exhibit 9), nudge up our FY(Jun)20E revenue forecast and set forecasts for FY(Jun)22E based on:·         Financial markets and exchange rates remaining at 1 January 2020 levels (i.e. 1% above current levels).·         Annual net inflows of US$200m p.a (i.e. annual FUM growth of 3%).We note that the rise in FUM in January 2020 suggests upside to our FY(Jun)20E forecast and consequently to our FY(Jun)21E & FY(Jun)22E forecasts.Valuation: Over the past decade CLIG has delivered its shareholders over 12% pa total return, split 50:50 into capital return and dividend income. Diversification is creating shareholder value, delivering stability and growth in FUM, earnings and in turn valuation multiples.CLIG shares trading at 462p cum 10p interim dividend (ex date: 5 March), offer shareholders prospects of double-digit returns based on sustainable dividends, steady FUM growth, and an increase in rating from 11x to 13x.Even at 500p (8% above its current price), CLIG's PER multiple of 13x would be less than the equity market and its dividend yield an attractive 5.5%
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