Share Name Share Symbol Market Type Share ISIN Share Description
Lindsell Train Investment Trust Plc LSE:LTI London Ordinary Share GB0031977944 ORD 75P
  Price Change % Change Share Price Shares Traded Last Trade
  -32.50 -2.48% 1,277.50 307 16:35:03
Bid Price Offer Price High Price Low Price Open Price
1,265.00 1,290.00 1,305.00 1,280.00 1,300.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 8.68 7.22 256
Last Trade Time Trade Type Trade Size Trade Price Currency
16:28:05 O 26 129,590.00 GBP

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Date Time Title Posts
29/10/201915:06Lindsell Train Investment Trust plc209
22/6/200721:38Forgive me for being thick1
21/6/200719:41Forgive me for being thick-
18/6/200116:32Down 98% - What happened???13

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Lindsell Train Investment Daily Update: Lindsell Train Investment Trust Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker LTI. The last closing price for Lindsell Train Investment was £1,310.
Lindsell Train Investment Trust Plc has a 4 week average price of £1,280 and a 12 week average price of £1,280.
The 1 year high share price is £2,040 while the 1 year low share price is currently £1,070.
There are currently 200,000 shares in issue and the average daily traded volume is 233 shares. The market capitalisation of Lindsell Train Investment Trust Plc is £255,500,000.
chris79: Sorry if this has been answered before. What is the value of the asset management business and what premium does the share price therefore give to the ordinary investments?
riverman77: Specto - I think Mr Train is just trying to keep a lid on the share price, he doesn't want this turning into a bubble - it was definitely bubble territory before the sell off.
euclid5: Taken fromthe 31 May 19 Fact sheet: Consider also this scenario: a 25% fall in LTL’s FUM on account of declining markets, underperformance or client withdrawals or a combination of all three might result in a similar 25% fall in LTL’s value. The quoted shares held by the Trust are essentially the same as those held by our clients so you might expect a similar fall in the value of the Trust’s quoted portfolio. If the Trust’s share price premium to NAV at the same time fell to zero (as it did 11 years ago when markets last fell significantly) then the resultant fall in the share price from today’s elevated level could be as much as c.60%. In summary then we continue to caution that the shares in the Trust represent a risky investment if bought at a premium, and certainly at today’s approximate 90% premium. Https://
topvest: Indicative LT valuation in the share price is now £1.2 BN. Happy days.
spectoacc: Thanks @topvest. I think we mostly agree, but I can't help prodding :) Noticed LTI ongoing charge is 2.9% according to HL, whilst AMC is only 0.65% - must be performance fee? And divi only 1.26%, tho in large part due to share price!
topvest: This is all about what 24% of Lindsell Train Limited is actually worth. Market cap suggests its worth about £250m and the rest of the portfolio about £100m, rough numbers. Directors had it in at £62m last year. I think the directors' valuation is very cautious and understated as the investment philosophy could continue for a long time. Let's face it Nick Train doesn't have to do a lot other than read (which he enjoys) and buy something every 2/3 years, so he could go on for another 20 years+. Market suggests 4x the directors' valuation which is clearly stretching it a tad, but is it actually? - see below. Answer is probably somewhere in between. Nevertheless, Lindsell Train and Fundsmith are the best investment managers in the UK and have a highly distinctive product.. Lindsell Train also has scope to manage a lot more than it currently does. The Lindsell Train Limited year end is January and so we should see their results in a month or so. Last year they made a profit after tax of c£30m on c£60m of turnover. This year/sometime soon I suspect they will make a profit of c£50m. Lets look at a valuation of 24% * £50m * P/E of 20 (reflecting a high growth business) = £240m. BINGO that gives you the current share price! The market is basically valuing Lindsell Train Limited as a high growth business. The directors value it using a very conservative methodology of an average of 1.5% of AUM (should be 3% in my view) and a P/E ratio of 11.8. This is definitely low for such a wonderful business franchise.
drrobin: Riverman & Kenmitch, agree totally. I have held this trust for 12 months and keep thinking of selling every time the premium keeps edging up. There has been some dips, early June 18, late Dec 18, early March 19 but the share price has bounced back quickly. I know what will happen if I sell, it will really rocket, so for the present I am sitting tight. I do watch this trust price more than anything else I have, so that might suggest something? Anyway up again today 2.5%, yipee.
kenmitch: JackRuss2 and if anyone isn’t clear about the 70% premium. Nick Train warned last December that the share price was overvalued. Then NAV was £835 and the share price was £1210. So investors were paying £1210 for something worth £835!! Here’s a link to his warning. Now the premium is much higher still. NAV has gone up £900 but now the premium is over 70% and share is £1650. That’s a crazy overvaluation. One day it will surely end in tears for investors who bought the bubble. This Trust has a great record but it is inflated by the ridiculous premium to NAV. The ever growing premium is the main reason for the share price soaring, instead of, as is normal, their investments going up fast. If this was a normal investment trust trading around par the share price would only be £900. And some Investment Trusts are trading at big discounts. E.g Riverstone is at 30% discount. If Lindsell train was at a 30% discount the share price would be £630.
drrobin: Yes and no. Yes - 70% premium is very worrying, look back at their historical premium, it has never gone over this. Mid 2016 it was the same high premium, it fell towards the end of 2016, the share price also fell, but soon recovered, indicating the NAV (and premium) were not particular accurate. Inother words the NAV came up. No - 46% of LTI is invested in Lindsell Train Limited and if they don't quote net worth all that often (or at all) then it is very difficult to assess. Historically Premium has been around 30%. I am holding LTI for the present, 5.xx% increase today, nice.
topvest: Well they have warned 2/3 times that the share price was at a ridiculous premium. Nothing they need to do, but carry on doing what they have always done.
Lindsell Train Investment share price data is direct from the London Stock Exchange
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