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DUKE Duke Capital Limited

29.00
-0.25 (-0.85%)
Share Name Share Symbol Market Type Share ISIN Share Description
Duke Capital Limited LSE:DUKE London Ordinary Share GG00BYZSSY63 ORDS NPV
  Price Change % Change Share Price Shares Traded Last Trade
  -0.25 -0.85% 29.00 436,565 15:15:49
Bid Price Offer Price High Price Low Price Open Price
28.50 29.50 29.75 29.00 29.25
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 25.59M 11.61M 0.0228 12.72 149.12M
Last Trade Time Trade Type Trade Size Trade Price Currency
15:17:02 O 3 29.4843 GBX

Duke Capital (DUKE) Latest News

Duke Capital (DUKE) Discussions and Chat

Duke Capital (DUKE) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
14:17:0329.4830.88O
14:15:5029.508,4912,504.85O
14:15:5029.503710.92O
14:15:5029.5051.48O
14:15:5028.504211.97O

Duke Capital (DUKE) Top Chat Posts

Top Posts
Posted at 20/6/2025 09:20 by Duke Capital Daily Update
Duke Capital Limited is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker DUKE. The last closing price for Duke Capital was 29.25p.
Duke Capital currently has 509,815,773 shares in issue. The market capitalisation of Duke Capital is £147,846,574.
Duke Capital has a price to earnings ratio (PE ratio) of 12.72.
This morning DUKE shares opened at 29.25p
Posted at 08/5/2025 16:22 by woodhawk
Nice to see an upturn here - let's hope DUKE is heading back over 30p where it belongs. The current 10% yield has got to be increasingly valuable in light of a now likely rapidly decreasing bank rate.
Posted at 16/4/2025 11:24 by melody9999
Thanks for that Ged5. Elsa - re: the potential write-off, please tell me your source and which company would seem to be at risk?

I am minded that in COVID days with no one travelling and fearing enclosed spaces, DUKE had an investment in a river cruise ship company! Nevertheless they managed an exit with little capital loss -2% IRR as I recall.
Posted at 15/4/2025 16:32 by lord gnome
Yes, very disappointing share price performance. It was starting to look a bit firmer after the orange chaos but gave it all back this afternoon. What lurks behind the sudden sell-off this time?
Posted at 02/4/2025 07:12 by lord gnome
Please explain how any tariffs would affect Duke and why they could have a disproportionate effect on the share price compared to the wider market.I don't see that as a cause.
Posted at 01/4/2025 21:32 by tennis123
Surprised to see DUKE price slipping. Now paying a 10% dividend which looks secure. Im hoping for a bounce when UK interest rates start reducing
Posted at 07/1/2025 15:25 by boystown
Re-tipped by Simon Thompson who concludes as follows:

"Duke’s portfolio includes £218mn of hybrid credit investments with 14 capital partners, £5.4mn of loan investments with two partners, and £16.9mn of equity investments with 11 partners. Analyst Andrew Renton at house broker Cavendish believes the equity holdings could have an unrealised value of more than £50mn (9.8p) in exit premiums, a sizeable sum in relation to Duke’s market capitalisation of £157mn (30.7p) and its proforma net asset value (NAV) of £185.4mn (36.4p).

"Adjusting for the post period end equity raise, proforma net borrowings of £55.2mn equate to 30 per cent of NAV although gearing will rise to around 42 per cent when all the surplus cash is deployed. Free cash flow (FCF) will improve, too, as recurring quarterly revenue of £6.5mn in the latest quarter continues to grow. Cavendish predicts FCF of £13mn in the 12 months to 31 March 2025 will rise to £17.3mn in the new financial year, so easily covering the £14mn (2.8p) cash cost of the dividend on the enlarged share count. In other words, the 0.7p a share quarterly dividend underpinning the 9.1 per cent dividend yield is secure.

"The hefty dividend yield and 16 per cent discount to proforma NAV of 36.3p explain why Duke’s share price has held up well since I selected the Aim-traded shares, at 29p, in my 2021 Bargain Shares Portfolio. The holding has delivered a 41.9 per cent total return (TR), a material outperformance of the FTSE Aim All-Share TR index, which has declined 35.7 per cent in the same 47-month holding period. Expect the outperformance to continue. Buy."
Posted at 20/5/2024 09:38 by stagvalley
If we separate share price movements from an assessment of the company, does anyone have concerns about their risk profile and investments? From my perspective it all looks good. The share price hasn't gone anywhere over the last few years but I like the business model and the dividend is strong, seemingly robust, and growing. Apart from disappointment in share price growth, I'd be interested if anyone has serious concerns about the business model. The only failed investment I'm aware of is a cruise company during the pandemic. Seems to me a good use of about 5 percent of a portfolio. Anyone disagree?

For the person who finds Advfn unuseable on a phone due to adverts, that was my experience until I got a free version of Avast. Now fine.
Posted at 07/2/2024 06:11 by carcosa
I first bought into DUKE February 2021. I liked the idea of a what was being touted as long terms loans into well researched and run businesses. It seemed relatively low risk, high return and a growth business for DUKE.

Clearly when the pandemic struck practically all businesses were in survival mode and DUKE managed it well.

Around the same time DUKE were taking on equity stakes which to me seemed a reasonable outcome as a consequence of the pandemic. Other businesses also did the same thing e.g. Avation and others. But those equity stakes were supposed to be a short term situation to get over the hump post covid.

Subsequently from the few customers DUKE has that issue financial reports mostly through Companies House some were and had been for years in a distressed situation. One or two clearly rely on DUKE to stay in business. In the long term it 'should' be okay because progress over many years will sort themselves out. However these business's were struggling before DUKE came along and I started to question the robustness (or their parameters) of their due diligence research.

The question that is often raised is why would a business pay extraordinary interest over and above the normal financing options. Duke has certainly marketed their advantages which also included not taking equity stakes, having board representation etc., However it they were such a great option then they should have been signing up new customers by the month.

Some months ago I stated that I saw Duke as being a quasi venture capitalist. For example they have deals whereby they have committed several follow on funds to an investee.

Following this 'rebranding' by Duke I am very much of the belief that that is what Duke is turning toward. 30% equity stakes is a very different proposition to how Duke started out.


Whilst I was okay with sitting back and collecting the dividends, seeing it as a bit of a passive income stream the company has changed, in my opinion, to a venture capitalist company or a investment company; much higher risk. Not what I signed up for. Hence I have been selling out of my reasonably large position since September last year and finally sold the last of my shares earlier this week. I just see better opportunities elsewhere.

On a wider picture falling interest rates will make Duke more valuable as a shareholder and indeed the investee companies should mostly benefit from a reducing inflation/bank rate so anyone who sticks with Duke for a few years is likely to be ok with it IMO.

Bye :-)
Posted at 12/4/2023 06:12 by carcosa
Just because a company has profitable operations does not mean it cannot go bankrupt.

High debt: Even if a company is profitable, it may still have a significant amount of debt which unsurprisingly tends to be a feature of Duke's business. If the company is unable to service its debt obligations, it may go out of business.

Poor cash flow management: Again, a company may have profitable operations, but if it doesn't manage its cash flow effectively, it may run out of money to pay its bills and employees . This can ultimately lead to bankruptcy.

There are other somewhat less likely issues such as if a company is facing a costly legal battle or lawsuit, it can deplete its resources and ultimately lead to bankruptcy, even if it has profitable operations.

Market conditions: Changes in the market or industry can lead to decreased demand or increased competition, which can cause a decline in profits and eventually lead to bankruptcy. i.e. a declining profitable business.

Mismanagement: Poor management decisions, such as expanding too quickly or investing in unprofitable ventures, can lead to financial difficulties and ultimately result in bankruptcy, despite having profitable operations in the past.

In a similar vein is Lynx Equity (UK). After Duke handed out another 1.5m (Total 15m) follow on to keep the lights on in March 2022 by July 2022 the company only had 0.27m in cash. Now that would be fine if they had spent most of it on aquiring something but in actual fact their investment interests went from 13m to 11.7m.

So in reality that was a loss of 1.3m + 1.5m = 2.8m which roughly concurs with an increase in their profit and loss reserve; now standing at 9.2m

However they also have 10.6m in debtors - They often appear to have a very large debtor book so its a relatively stable figure fwiw. This leads to a positive and healthy positive 11.2m in net assets (down from 16.7m the year before on a current basis. However factoring in the 15.2m owed longer term (mostly to Duke I assume) it results in a negative equity of 4m.

Now if Lynx get to a profitable state then the long term nature of Duke's loan is nothing to be overly concerned about. However, that is a big 'if'

Within the accounts they state that the company is dependent on the company's ultimate parent undertaken and that they believe finances will be available if required to maintain the going concern basis.

So overall yet another (long term) poor business Duke are involved with which again makes me question their screening process in the early days of the company.

However...whilst Lynx appears to be much worse state than even Trimate, Lynx is a subsidiary of a huge company based in the US called Lynx Equity hxxps://www.lynxequity.com/portfolio/ which in itself is a very very interesting company. With such a thriving parent company we don't know what (if any) guarantees they may have provided for Duke, or if it suits them to have an overseas subsidiary to be making a loss. It just gets more complicated and us shareholders will never be in a position to evaluate the risk of Lynx Equity (UK) being in Duke's portfolio.

But lets not get carried away. Even if Trimate was to collapse (and I am not saying it will) the overall thrust of my concern is why did Duke enter into such partners to begin with. Was Trimate seriously the best they could find at the time? As a consequence Duke is now a significant equity holder which is not what us investors signed up for. It raises concern as to the quality of the portfolio. The latter partners, from what I can tell, are worlds above in terms of quality businesses than the early ones.

I reckon current run rate is 6m up from Dukes last reported 5.6. It's one thing to invoice for that amount it's quite another to get it paid. On that front it was very pleasing to see a reduction in receivables of 10m reduce to 3m in the last accounts. Should be remembered that a further 2.2m cash is scheduled to be received before before 30 June 2023 from the Riverboat sale. So it appears Duke are doing a great job of getting paid.


The 6% collar sounded a great idea before inflation became a household word again. Without new business the most Duke's revenue can increase is significantly below the current inflation rate. Profitability could decline in having to pay increased interest of Duke's debt.

Having said all of that, the current share price for Duke seems well below that of what even the most realistic pessimist could justify and over the long term inflation/interest rates are forecast to decline anyway.

You have to start asking whether or not todays share price is offering exceptional value.



Misc:
BTG. I meant 2021 not 2011. Typo. Sorry. Imagine what would happen if you went through Duke's business with such an eye on their figures as opposed to mine!

podgyted: Yes I moved away from Stocko a few years ago. Have reduced by forum postings considerably over the last few years. Occasionally post on TLF & Twitter. Still miss the TMF days lol!
Posted at 17/7/2022 10:09 by btgman
Looking at the current yield at 8% I still have a view that share price is undervalued but where should it be?

Duke Share price at varying yields
8%=32.50p
7.5%=37.33p
7%=40.00p
6.5% 43.07p
6%=46.67p
5.5%=50.9
5%=56p


There are many things to consider and to compare against but all of the above are higher than the FTSE 100 average:-

Average FTSE 100 yield is under 4%
Highest is circa 7.5% tobacco companies
Lowest 2% with a small number paying nothing


There are stocks around in the FTSE 250 paying 9%+ but I would argue the share price is likely to be more volatile than Duke in the current climate.

Duke have 30 year contracts in place with over 20 Royalty Partners linked to turnover across multiple sectors and countries with positive royalty kickers likely in September 2022 results announcement.

Hidden benefits also exist with potential for over £30m of exit fees as Royalty partners exit at some point. Recycling of this cash and the compounding effect is powerful as highlighted previously.

Finally we have many equity stakes in our Royalty partners valued in accounts at circa £3.5m upside for this is quite significant.


So back to original question where should share price be I think 6% would be a decent rate of dividend return and given the 6% kickers and equity stakes I don't feel that would be challenging which puts Duke share price target at 46.67p v the current 32.5p

AIMHO
GLA
BTG
Duke Capital share price data is direct from the London Stock Exchange

Duke Capital Frequently Asked Questions (FAQ)

What is the current Duke Capital share price?
The current share price of Duke Capital is 29.00p
How many Duke Capital shares are in issue?
Duke Capital has 509,815,773 shares in issue
What is the market cap of Duke Capital?
The market capitalisation of Duke Capital is GBP 149.12M
What is the 1 year trading range for Duke Capital share price?
Duke Capital has traded in the range of 24.00p to 34.75p during the past year
What is the PE ratio of Duke Capital?
The price to earnings ratio of Duke Capital is 12.72
What is the cash to sales ratio of Duke Capital?
The cash to sales ratio of Duke Capital is 5.78
What is the reporting currency for Duke Capital?
Duke Capital reports financial results in GBP
What is the latest annual turnover for Duke Capital?
The latest annual turnover of Duke Capital is GBP 25.59M
What is the latest annual profit for Duke Capital?
The latest annual profit of Duke Capital is GBP 11.61M
What is the registered address of Duke Capital?
The registered address for Duke Capital is GROUND FLOOR, CAMBRIDGE HOUSE, LE TRUCHOT, GUERNSEY, ST PETER PORT, GY1 1WD
What is the Duke Capital website address?
The website address for Duke Capital is dukecapital.com/
Which industry sector does Duke Capital operate in?
Duke Capital operates in the UNIT INV TR, CLOSED-END MGMT sector

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