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
  +£37.50 +1.99% £1,922.50 148 16:35:10
Bid Price Offer Price High Price Low Price Open Price
£1,905.00 £1,940.00 £1,975.00 £1,975.00 £1,975.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 8.68 7.22 384.5

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Date Time Title Posts
16/6/201912:04Lindsell Train Investment Trust plc98
22/6/200722:38Forgive me for being thick1
21/6/200720:41Forgive me for being thick-
18/6/200117:32Down 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 £1,885.
Lindsell Train Investment Trust Plc has a 4 week average price of £1,815 and a 12 week average price of £1,440.
The 1 year high share price is £2,030 while the 1 year low share price is currently £944.
There are currently 200,000 shares in issue and the average daily traded volume is 504 shares. The market capitalisation of Lindsell Train Investment Trust Plc is £384,500,000.
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.
topvest: Good results again. Chairman has warned stakeholders about buying the shares at a premium..unusual behaviour for a Chairman, but honourable all the same. "I reiterate the cautionary comments I made to shareholders in last year's annual report, first about the risk to the NAV from a sharp fall in markets given the size of holding in LTL and second to caution potential new shareholders to think carefully before buying the Company's shares at a premium to NAV, which as I write is at 6%. This has fallen from higher levels late in 2013 but it is worth pointing out that if the investment in LTL continues to grow in importance above 25% of the NAV the share price of the Company will increasingly be determined by investors views on the value of that asset and less by conventional reference to the NAV."
topvest: You don't often see a Board saying the premium is too high...very unusual! The first six months of the Company's financial year continued as last year's ended, with the Company's net asset value rising more than the benchmark and world equity markets. The NAV was up 7.8%, the benchmark 1.9% and world markets measured by the MSCI World index in Sterling up 0.6%. What has changed more is the share price. It was up 28.4% and at the end of September was trading at a premium to NAV of 21%. The Manager wrote about the premium in its September monthly update. The Board would like to support and reiterate some of the comments, and in particular would caution new investors buying shares at a heightened premium to NAV. In time the premium may contract and there is a risk that the shares will trade at a discount in the future. Should that occur at a time when markets are weak and the NAV is falling the loss of value for investors buying at a significant premium could be material. Also, it would be wrong for existing investors to celebrate a high price that results from a large premium. The Manager's annual management and performance fees are calculated on the market capitalisation of the Company not the NAV. Calculating the fee on the market capitalisation was designed to align the Manager's interests with shareholders, recognising that investment trusts have generally traded at discounts. This works to shareholders' advantage when discounts exist but that advantage is reversed when a premium prevails. Aside from communicating our concern and reiterating that the price the Board ascribes to its holding in Lindsell Train Limited is realistic and not undervalued (as some shareholders have suggested), there is little the Board can do to help resolve the situation other than issuing new shares. In previous statements, I have commented that the strong growth in LTL's business is much to be welcomed as is the greater strength and depth which the business is developing, but LTL remains significantly dependent on its two original founders and on continued good investment performance. The Board is currently reluctant to issue more shares as we believe this would dilute shareholders' interest in LTL, hitherto the most important and value creating asset the Company owns.
dasein: I think ADVN have the wrong share price clarky..coreect price per share is £ div yield 1% not 100% :)) the company reports make interesting reading... definitley from the buffet/graham school of investing !
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