| Share Name |
Share Symbol |
Market |
Type |
Share ISIN |
Share Description |
| European W. |
LSE:EWG |
London |
Ordinary Share |
GG00BKY4K072 |
ORD 5P |
| |
Price Change |
% Change |
Share Price |
Shares Traded |
Last Trade |
| |
0.00 |
0.0% |
17.50 |
0.00 |
01:00:00 |
| Bid Price |
Offer Price |
High Price |
Low Price |
Open Price |
|
16.50
|
18.50
|
|
|
|
| Industry Sector |
Turnover (m) |
Profit (m) |
EPS - Basic |
PE Ratio |
Market Cap (m) |
|
General Financial
|
10.03
|
-5.94
|
-0.10
|
|
27
|
| Last Trade Time |
Trade Type |
Trade Size |
Trade Price |
Currency |
| - |
O |
0 |
17.50 |
GBX |
Real-Time news about European W. (London Stock Exchange): 0 recent articles
| Trade Time |
Trade Price |
Trade Size |
Trade Value |
Trade Type |
No Trades
| Date | Subject |
|---|
11/12/2017
15:56 | johnwall: A bit more liquidity on the offer side - I've bought two lots this afternoon and haven't moved the price!
|
21/11/2017
09:10 | fillipe: Mid-price up almost 10% as I type with the lowest ask showing on L2 now at 40p.
Still a plenty to go for here when you look at the progress made to date and the 100p share price for EWG of over 3yrs ago.
f
|
02/11/2017
11:31 | timbo003: I think I am at last just about breaking even on these (based on the mid price)
I bought my initial stake in the placing for 80p back in 2015
Maxed out on the open offer shares at 12.8p/share this summer (thereby increasing stake to 4.5X my original stake).
The fact that the open offer was a fully underwritten (by Astoria and Kingswood) did rather suggest that at 12.8p/share it was probably very under priced.
|
01/8/2017
15:07 | johnwall: Hi Kimboy2 - i've got an interest! As you say, I'm hoping that with the financing sorted out the worst of the pain is now over and the share price can start to reflect the progress made in the business. It's certainly very illiquid, even for an AIM share. That was demonstrated today when a single £25k buy causes the indicated price to rise by 13.5%!
|
28/3/2017
10:26 | kimboy2: From Proactive;
To slightly misquote the Beach Boys, it’s was all about “FUM, FUM, FUM” for wealth management firm European Wealth Group Ltd (LON:EWG) in 2016.
FUM is the asset management industry’s short-hand for funds under management, and it is safe to say that “more” is regarded as “better” in this line of work, so it is just as well European Wealth Group’s (EWG) FUM is/are heading north.
EWG saw funds under management (FUM) rise to £1.5bn by the end of 2016; that’s 22% higher than the £1.2bn it had at the end of 2015. Over the same period, the FTSE All Share could only muster growth of a little over 12%.
Furthermore, the end-2016 number does not include the £110mln of funds coming into the group from its purchase of the Towry book of business last October.
As a result of the strong organic growth coupled with the addition of CIMCO, which it bought in September 2016, EWG expects revenues for the year to be “significantly higher” than 2015 at somewhere north of £9.3mln, which would represent an increase of at least 24% on 2015’s £7.6mln.
The Brexit vote, expected to put a spanner in the works if it went the way of the Brexiters – which it did – proved to be a boon rather than a curse.
The second half of 2016 saw EWG maintain the momentum built up in the first half, with a strong performance from the investment management and dealing business in the aftermath of the Brexit vote.
Buy and build
EWG’s stated aim is to grow through targeted acquisitions and to consolidate in the investment industry in the wake of regulatory changes that changed the landscape, particularly for independent financial advisers, or 'IFAs' as they are known in the trade, who were rocked by the Retail Distribution Review (RDR).
The RDR introduced new rules aiming to improve standards of financial advice and consumers' understanding of the costs involved.
John Morton, EWG's chairman, said EWG, which listed on AIM in 2014 after a reverse takeover, had been established with the "post RDR world in mind".
City firm Panmure Gordon is a fan of the company, saying EWG has built a "scalable platform", has good organic growth prospect and scope for further acquisitions in the UK and overseas wealth management market, which is "ripe for consolidation" following the RDR reforms.
Most of the rule changes have been in the financial planning side, where the payment structure has shifted from commission to a more professional on-going fee charging model.
This has meant a number of smaller IFAs and sole practitioners have been driven out of business, unable to sustain margins and that's where EWG stepped in.
"Clearly there is becoming a need for there to be size (scale) to be able to make a good return on the investment of being in the industry," said Morton. "That gives us an opportunity to look at a number of acquisitions."
In its February trading update, Morton said: "European Wealth continues to make selective acquisitions whilst continuing to invest in resources into the organic development of the business."
Regulation, regulation, regulation
If EWG has benefited from changes such as the RDR, it recently acknowledged that MiFiD II – a tighter set of industry regulations that will come into force at the start of 2018 – will create a “challenging environment” over the coming year, but it is confident that it is still well-placed for future growth.
“Continuing changes within the industry, particularly those covered by MiFID II, are likely to throw up an increased number of acquisition opportunities, all of which will be carefully analysed by the board; however, the noticeable increase in the valuation of investment management and financial planning businesses has resulted in the board's focus shifting towards accelerating organic growth in the shorter term,” the group said.
In an otherwise upbeat update, a slight note of caution was raised with EWG saying an increased need for working capital meant it was keeping a close eye on its cash position ahead of its loan note obligations that are due in June this year.
At the end of March, EWG appeared to lay these concerns to rest by entering into a £720,000 12-month loan facility.
The facility carries an interest rate of 10% over the term of the loan.
The loan will be used to provide adequate working capital for the company in the near term and will ensure that the company can meet its obligations as they fall due.
|
06/7/2015
20:34 | kimboy2: From proactive;
European Wealth's (LON:EWG) plan to grow through targeted acquisitions and to consolidate in the investment industry in the wake of regulatory changes is rolling on apace as underlined by its purchase of ISM, completed last week.
ISM is a City based independent financial adviser, or 'IFA' as they are known in the trade, and had sales last year of £1.1mln and will further strengthen European's financial planning business (the other arm of the group is investment management).
City broker Panmure, which rates European's shares a 'buy', expects the purchase to add £1.2mln to the group's future revenues on an annualised basis and would be "materially accretive" to earnings per share (EPS), which it expects will grow to 0.8p in 2015 full year results.
The broker applauds EWG, which it says, has built a "scalable platform", has good organic growth and scope for further acquisitions in the UK and overseas wealth management market, which is "ripe for consolidation" following the RDR reforms.
By 'RDR', Panmure is referring to the retail distribution review three years ago, which introduced new rules aiming to improve standards of financial advice and consumers' understanding of the costs involved.
John Morton, EWG's chairman, explained how this had created acquisition opportunities for the newly incarnated EWG, which listed on AIM in 2014 after a reverse takeover, as it had been established with the "post RDR world in mind".
Most of the rule changes have been in the financial planning side, he said, where the payment structure has shifted from commission to a more professional on-going fee charging model, he said.
This has meant a number of smaller IFAs and sole practitioners have been driven out of business, unable to sustain margins and that's where EWG stepped in.
"Clearly there is becoming a need for there to be size (scale) to be able to make a good return on the investment of being in the industry," said Morton. "That gives us an opportunity to look at a number of acquisitions."
A notable acquisition by the group, said Morton, was Worcester-based financial planning outfit Bradley Stewart in 2012.
It meant EWG instantly took on a number of pension management schemes, complementing its financial planning side but also offered customers’ another service. A lot of Bradley's clients were also retained as they were moved from the commission world to fee-paying, said Morton.
"It really gave us the backbone to then be able to acquire a company called Compass, which had the effect of really bulking up the volume going through the business and therefore giving us the sort of economies of scale we were looking for."
Surrey-based Compass, which was bought last summer, had £31 million in funds under influence and in 2013 posted turnover of £434,230, of which around 76% was recurring income. It recorded a pre-tax profit in the year of £154,250.
Meanwhile, in its maiden set of full-year numbers in May, European Wealth clearly showed just how such acquisitions were paying off. Funds under management (FUM) stood at £1.03bn at the end of 2014 - an impressive 59% higher than at the end of 2013.
Revenues increased 16% to £6.7mln from £5.8mln in 2013, while the earnings before interest, tax, depreciation and amortisation narrowed to £203,000 from £368,000 the year before.
Panmure sees revenues rising to £8.2mln in 2015 and £10.2mln in 2016, when adjusted EPS is expected to have reached 6.8p a share.
Last year the firm said it was aiming to get to around £3bn in funds under management in the next three years - an aim which is "on track", said Morton, but added that the group didn't intend to make acquisitions just to attain that number.
"I think it's more important to build a high quality, sustainable business," he said.
The stepping stones to achieving that certainly appear to be in place, not least due to the current government changes in pensions rules and the way people can manage their own investment affairs in a much more hands-on way.
"A good flow" of people are knocking on EWG's door currently, if only out of confusion, said Morton, in the wake of big pension changes - the most notable being the new ease of access and ability to take lump sums.
"The whole pension world is getting turned on its head," said Morton and he reckons it will take at least six months before the "noise dies down".
"It's almost creating a new way of saving and having as much effect as the introduction of ISAs and PEPs did donkey's years ago. One can't underestimate the impact," he said.
All of this augurs well for a business that is unencumbered by any legacy issues and has management experienced in integrating new businesses.
Lets leave Panmure the last word: "EWG has de-risked the business through its centralised investment process incorporating risk based modules that has driven consistent investment outperformance. EWG has been designed to be client centric and compliant."
Panmure has a price target of 140p on the shares - pretty handsome upside considering they are now at 88.5p.
It will be very interesting to see just how much the group grows – investors will hope in the same way its customers' portfolios also attract growth.
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27/5/2015
16:48 | timbo003: The placing announced this afternoon is EIS qualifying, so the effective price is 56p/share for UK tax payers.
I've had a nibble in the placing, so it's a three year hold for me.
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14/11/2014
17:52 | kimboy2: The price was about 2% of AUM which about market price.
The level of fees derived from the AUM is about half of the usual so plenty of scope for uplift probably.
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07/7/2014
11:44 | sammy_smith: Listen: European Wealth (EWG) - Trading update
Click the link below to listen
http://www.brrmedia.co.uk/event/124511/
|
18/4/2014
12:17 | stevie blunder: Valued at 2% of AUM
Not obviously cheap so need to move into profit and make some
Of the talked about acquisitions
They had a snippet in the Times the other day so somebody
Is doing some publicity
Hopefully they will get a tip in the near future and get the share price moving
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European W. share price data is direct from the London Stock Exchange
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