We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Lindsell Train Investment Trust Plc | LTI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -3.00 | -0.38% | 792.00 | 08:47:38 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 810.00 | 792.00 | 810.00 | 795.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 13/06/2023 | Final | GBP | 51.5 | 10/08/2023 | 11/08/2023 | 12/09/2023 |
| 15/06/2022 | Final | GBP | 51.12 | 11/08/2022 | 12/08/2022 | 13/09/2022 |
| 17/06/2021 | Final | GBP | 47.07 | 12/08/2021 | 13/08/2021 | 14/09/2021 |
| 15/06/2020 | Final | GBP | 41.39 | 13/08/2020 | 14/08/2020 | 08/09/2020 |
| 12/06/2019 | Special | GBP | 1.63 | 15/08/2019 | 16/08/2019 | 09/09/2019 |
| Top Posts |
|---|
Posted at 16/4/2024 22:18 by giltedge1 Hello FABIUS1, I agree on ULVR/DGE holding back performance posted the same comments a few months back. Just to clarify DGE ceo a 'her'last I read, Debra Crew. ULVR takeover £110B so north of £40. Of course makes 5 years NAV look bad for LTI funds, due to ULVR price spike back then. LTI policy to maintain capital over long term, so both shares last 20 years up over 5x, including divs so meets criteria, last few not so good, depending on reference point.I know some old timers who paid single digits for both, so whether 35 or 40 for ULVR not concerned as long as keep churning out divs. Would,t discount either ULVR starting buy back soon, DGE strong brands I was buying Johnny Walker & Gordons gin 40 years ago still going strong. Admit this year tough for LTI due to falling AUM. Managed to exit ULVR, FGT, SDR for good gains as doubling up with LTI. Unfortunately didn,t sell LTI, had negative vibe at last AGM but fell into 'loss aversion' psychology. Live in hope but need turn around in ULVR, DGE, SDR & BURB, & new chairman to shake up. LT still very profitable at £15B AUM. |
Posted at 01/3/2024 10:15 by jamielein LTI may have the authority to buy back shares but they're not going to do it, if history is anything to go by.They have 200,000 shares in existence and this has never changed. There's obviously been a large seller here and they've been forced to sell at a sizeable discount due to lack of liquidity. Maybe they're worried about the long term future of Lindsell Train Limited, or maybe they're selling for completely unrelated reasons. My hope is that LTI continue to pay out a similar dividend. I'm not here for the income, but I would like them to maintain their track record because I feel that the market will take that into account in the future. When there's some more optimism, and if they can steadily increase their AUM over the next few years, then I would hope that LTI would return to a premium. Just as a disclaimer, I have a large holding here. My view is that LTL is significantly undervalued. That's why I hold LTI. I don't feel strongly either way about the other portfolio holdings. I also have no idea whether I'm right or not. |
Posted at 29/2/2024 12:44 by flyer61 Do you think LTL is worth a PE of 9.9 or 6? If you think 6 then LTI it at best fairly valued...If you take the view that LTL is still producing the dividends to feed LTI and it's dividend then now is probably a good entry point.... Have a good look at pages 84 and 85 of LTI's last annual report. Of course this continuous drop in the share price could all just be the general market malaise... |
Posted at 26/1/2024 13:14 by mozy123 LTL has further expanded its profit share scheme to ensure that key individuals are incentivised to continue to pursue their careers with LTL. From LTL’s current financial year 15% of its net profits, up from 8% last year, will be paid to selected individuals within the scheme. 50% of these profit share payments have to be invested in LTL shares at the prevailing LTL valuation. The shares are sourced from LTL’s founders, Nick Train and Michael Lindsell, and your Company, with the founders providing 75% and your Company 25% after LTL’s Treasury is exhausted. These profit share commitments are perpetual provided that the individual remains in LTL’s employment. This transfer of ownership will mean that the Company’s holding in LTL diminishes slowly over time. The Board believes that by ceding ownership to future successors in this way it builds up an alignment of interests between employees and shareholders to allow LTL to flourish in the future. The number of shares the Company holds in LTL has remained static since 31 March 2019 but from this year will begin to fall, reflecting these sales.It is intended that these initiatives will accompany a transfer of responsibilities to selected employees to ensure that LTL thrives beyond the founders active involvement. Any change is likely to be incremental as both founders remain bound to the business, having recently renewed their seven year rolling commitment to continue to work at LTL. The rising profit share payments outlined above should not materially affect the profitability of LTL, as the payments transfer rewards previously destined to the founders to successors within the constraints of LTL’s salary and bonus cap. If LTL increases the profit share awards in the future beyond a certain level it may be necessary to give consideration to amending the salary and bonus cap to accommodate the payments. Any change in the salary and bonus cap will require approval from the Board of this Company. When LTI is at a discount its in LTI shareholders benefit but over the long term, the only reason people hold LTI over FGT or one of their OEIC's is the leverage and dividend exposure LTL offers. |
Posted at 18/1/2024 19:54 by steve3sandal Another obfuscating RNS. No clarity at all. I’d usually avoid a Co communicating like this but I’m in deep and under water. I don’t like to write half thoughts and guesses but we are in the dark.It’s a Profit Share Scheme for the other managers at LTL. They don’t get them for free they have to buy them. The figure is set IIRC at 15% (was 8%) of (I guess) Post Tax Profit and (I guess) after Dividends. LTL 31 Jan PTP was £54m and Dividends were £49m (I have rounded the figures). PSS of £750,000? Once all LTI Treasury shares are exhausted/bought by the managers at LTL to meet the transaction, the Board of LTI resolved to sell down our holding in a ratio of 25/75% with Messrs Lindsell and Train (they support at 75% of the requirement). We weren’t asked and I’m sore because we can’t replace the LTL dividend income by reinvesting that cash in quoted equities. Since that 31 Jan LTL YE the last 17 shares were sold out of Treasury, (perhaps to meet prior year ?) and LTI are now having to sell on the 25/75 ratio to meet the latest PSS requirements. LTI had sold 29 LTL shares to the managers since 31 Jan as we recently held 6421. This implies Lindsell and Train sold the managers 87. The latest sale off of 43 implies the managers were simultaneously entitled to buy 129. Obviously we don’t know the LTL performance dates for the PSS allocation but the latest transaction has them laying out £1.975m of which LTI will receive a little less than £500k. Just my notes so no one should make decisions on the back of this. It occurred to me we might try to establish the ongoing profitability of LTL bearing in mind the PSS figure also comes under the Remuneration cap of 25% of Revenue but it’s late and Ive had a glass of wine. |
Posted at 18/1/2024 16:42 by spectoacc I didn't understand the RNS :)"Sale of Lindsell Train Limited Shares The Board of Lindsell Train Investment Trust plc ("LTIT") announces that it has agreed to sell forty-three of its shares in Lindsell Train Limited ("LTL") for cash to the executive employees of LTL profit share scheme. The shares will be sold at LTL's prevailing market price of £11,486.20 per share, last calculated on 31 December 2023. The effective sale on 23 January 2024 will reduce LTIT's holdings to 6,378 shares of LTL. " So LTI have sold 43 shares in LTL to the employees of the LTL profit share scheme - ie the co is buying them back for the fulfilment of the share save scheme? Who's losing/who's winning here? Isn't it LTL effectively paying NAV for LTL shares, to give to employees later? I still don't get it :) LTI gets some cash in at least. Hopefully to bolster the divi, not for another Nick Train punt. Edit - profit share scheme, not share save scheme. I understand the latter, not the former. Why would you need to buy in some extra shares for a profit share scheme? Is this non-contributory, unlike a share save? |
Posted at 14/1/2024 15:41 by spectoacc I'm not the cynic I was when LTI was on an 80% premium, but I'm ever a cynic of gurus :)Citywire said this yesterday in their IT review, fwiw (which often isn't much - highly geared?): "Lindsell’s dog spell Lindsell Train (LTI), the highly geared £174m play on Michael Lindsell and Nick Train’s fund management business, is buckling under the pressure from results showing investors pulling money out of the boutique’s underperforming quality growth funds. The trust’s shares have lost a third of their value in the past three years to stand on a 15% discount and -2 Z-score. This former top performer once stood on a huge premium of over 100% four years ago so, as I’ve said before, the derating could have further to go." Agree re @s3s1's point about the L-T business being probably fairly valued - in fairness, what Train said all along. Key man risk remains, as does the absence of an end in sight to money leaving the markets - could well last for years, taxes aren't going down anytime soon, living costs aren't falling (even supposing inflation hits 2% target, that's a slowing in the rate of increase). Always thought a 20% discount would be a good buy, but would I pull the trigger if it went there.. Wasn't BRBY another Train favourite? He'll be averaging down like crazy as per usual. Works until it doesn't. (Edit - BRBY 6th largest holding in FGT, isn't in LTI Top 10 acc HL. Have a feeling I've had this discussion before, tho possibly about HL itself). LTI isn't untempting down here, I'll admit, on yield & discount. Good luck holders, even if I'm not one. Edit #2 - at risk of flogging a horse: the IC have a table of CAGR for past 5 years for 10 FTSE 100, & 10 S&P co's. Interesting that DGE managed just 2.4% pa CAGR, ULVR 2.2% CAGR. Yes, RELX managed a strong 16.7%, but even they were beaten by RIO. You could have got 16.6% in AZN, 4.2% in HSBC for eg. But of course it's the S&P where the big figures are - without picking any obvious tech leaders, there was 42% CAGR to be had in Eli Lilly, 38.4% in Apple, 14% in VISA. Don't even ask about Nvidia. How good a stock picker is Mr Train? The past 5 years say "really not very good". I've been in none of the US top 10 either, but then neither have I been in arguably ex-growth, too high p/e DGE & ULVR. Your turn, @Flyer61 ;) |
Posted at 17/10/2023 07:58 by steve3sandal So speculating that LT Ltd might only produce £37/38M dividends to LTI. We’ve still got 24.1% of this in LTI. That’s £9M but it was c £12M in the prior 2 years.LTI Revenue was £14M with LTL dividend making up £12M of that. This time I’m guessing LTI Revenue might be £11M on the basis the rest of their portfolio does £2M again. Take off LTL management fees which will be less than £2M but more than £1M I’m around £9M for our LTI dividend. Typically they say they have a policy to pay out 80% of Revenues, not sure how that works with IT 85%, but either way £9M is less than the £10.3M they distributed in Sept 2023 for £51.50. An 85% distribution would be £8M which is £40 per share in Sept 24. They could and might do the full £9M or even too it up from revenue reserves though that’s not particularly sustainable or even desirable? There is an inference in the March 23 accounts regarding valuing the dividend and it’s not impossible they top up from revenue reserves which were > £20M though they only had £8M in cash at YE. My final guess is an LTI dividend between £40 and £51.50 in Sept 24. |
Posted at 16/10/2023 18:26 by steve3sandal Useless at formatting a table here so hopefully I can explain a guess of a 20% reduction in the dividend to LTI from the management Co in Jan 24.Jan 22 TO 123M Less admin* 44 PBT 81 Tax 15 Profit 65 Div 55 including 2 performance * Directors Emoluments 27 other salaries and Soc sec etc 16 AUM a at YE 21.2Bn Jan 23 TO 97M Less admin* 30 PBT 67 Tax 13 Profit 54 Dividends 49 * Directors Emoluments 15 Other salaries and Soc Sec etc 15 ( Messrs L & T took full hit to maintain other salary expense at same level) AUM at YE 18.6Bn down 2.5Bn My extrapolation based on End Sept AUM £16.9Bn I think, say average will be down £2.5Bn with a flat Q4. Once you start writing these things you can’t save a draft to check. Jan 24 TO 87 (might be higher than your guesses who knows?) Less admin *30 ( same directors emoluments of 15, could they be flexed?) PBT 57 Tax 14 (c25%) Profit 43 (down from 54, say 20%) Dividend 37/38 retaining what appears usual £5/6m? That puts the dividend available to shareholders down about 25%. Obviously LTI have other quoted investments which support the dividend but I suspect that the LTI receipts from LT could be down £10m. I’d have to look next at how that impacts us as LTI shareholders but I’m off about 5 minutes ago for my Monday beer. |
Posted at 12/7/2023 13:52 by steve3sandal Right I think I have been barking up the wrong tree. This Profit Share Scheme (PSS) might not be too bad if I have NOW got my head round it.Lindsell Train Limited Jan 23 Accounts haven’t been published yet so some level of guesswork. The staff PSS operated last year 31/Jan/22 I presume at a level of 8% of Net Profit or on an earlier ad hoc basis. As a result of that I’m guessing certain staff bought 33 additional shares per the Accounts. LTL Management Accounts to Jan 23 show an increase in Other Director and employee shareholdings by 125. These were sold from Treasury where there are now only 17 left. From this current year the PSS will award at 15% of (post tax) net profit. All things being equal which they won’t be as FUM are down, I might expect the PSS to require certain staff to buy about twice as many shares, say 250. Of this LTIT a will be required to sell a 25% of 250, and Messrs Lindsell and Train to sell 75% of 250. So LTIT would sell about 1% of its 6450 holding to employees at the prevailing 31 Jan YE directors valuation. Call it 63/64 shares at £12,000 around £750k which LTIT would presumably use to add to the listed holdings. Importantly these PSS should not materially impact the net profit of LTL as these payments transfer future rewards from the founders and the 25% of fees Cap on salaries remains in place. For now. The Board could increase the Cap perhaps to 45% which would impact on the Dividend flow to LTIT. Increasing the Fees Salary cap to 45% would not impact their LTL share valuation as that already reflects the theoretical 45%. If the cap stays at 25% then I need to move on, there are far more important things I need to to to get my own portfolio moving forwards instead of backwards. I’ve always disagreed with the directors LTL valuation methodology and it seemed quite perverse to value a growing, high Gross Margin business on a modest PE, ignoring the Enterprise Value implied by the cash on the balance sheet, and a stonking dividend yield. However the valuation of holdings and strategies has reset and around £1000 LTIT is probably only fair value. I’m not selling or buying here. I’m not going to berate anyone for the PSS either! |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
