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
  0.00 0.0% 1,275.00 209 16:35:07
Bid Price Offer Price High Price Low Price Open Price
1,265.00 1,285.00 1,305.00 1,250.00 1,290.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 12.40 10.67 255
Last Trade Time Trade Type Trade Size Trade Price Currency
15:57:56 AT 2 1,270.00 GBP

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Date Time Title Posts
17/11/202015:12Lindsell Train Investment Trust plc377
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 £1,275.
Lindsell Train Investment Trust Plc has a 4 week average price of £1,245 and a 12 week average price of £1,245.
The 1 year high share price is £1,575 while the 1 year low share price is currently £400.
There are currently 200,000 shares in issue and the average daily traded volume is 244 shares. The market capitalisation of Lindsell Train Investment Trust Plc is £255,000,000.
rambutan2: Noted the please note... It is announced that the un-audited Net Asset Value (inclusive of accumulated income) of The Lindsell Train Investment Trust plc, which is managed by Lindsell Train Limited, at the close of business on the below date was as follows: 31 October 2020 GBP1,058.6688 per Ordinary share Please Note: The above NAV figure includes a revised valuation for LTIT's holding of 6,450 shares in Lindsell Train Limited ("LTL"). As at 31 October 2020, these shares were valued at GBP15,458.76 per share, an decrease of 5.31% from the valuation of GBP16,325.66 per share as at the previous valuation on 30 September 2020. Funds under management at LTL at 31 October 2020 stood at GBP 20,407 million.
steve3sandal: I’m not sure Experian has been bought for LTI. The story so far is on the Global Equity UT Fact Sheet. I suspect he will be flagging on the FGT Fact Sheet soon.
mozy123: Cussons is an iconic business with iconic brands. If you owned the whole business would you sell it to buy other companies? I wouldnt. Its a classic hold forever company. Nick Train is the boss! Experian - Great company, highly valued but rightly so. Glad hes been adding it to LTI. Im guessing hes added to FGT as well.
topvest: Nick Train has invested in Experian as UK is so out of favour, is the news headline. Odd to invest in Experian at this point in time though, as the share price is at an all time high...March would have been a tad more opportunistic!
mozy123: Problem with LTI the asset manager is there is no free float. Its own by 5 people. Nick, Michael, LTI, James and Madaline. They could only list the business if they reduced thier ownership? Alwasy thought the business is cheap - in any event it continues to send dividends to LTI Trust.
mozy123: LTI the manager have has some headwinds. Some redeptions from portfolios and share price declines of its favourite cross fund top holdings. With 21.47bn AUM at LTI - and the same assumptions about staff costs, tax etc I get the valuations to be A 1.5% FUM (£321.7m)+ B Value of earnigns base (£565.8m) /2 = £443.75m / 26660 shares = £16646.04ps (LTI holds 6450 shares) On a pure AUM basis this would be 443.75 / 21.47bn = 2.07% so valuation the directors assume in the LTI IT NAV is trading inline with the Jupiter Deal. However I have alwasy taken the view that the quality of LTI earnings are far higher than most asset managers. The earnings of a company with 50% notional gross margin. (The GP could be as high as 95% should they wish it) is better than one with a margin of 45% LTI IT owns a golden goose. So long as the world class companies the manager invests in dont go bankrupt. The profitbality of the asset management industry is quite disgusting tbh :)
steve3sandal: Nimbo, if you haven’t already if you go back to Summer 19 on this thread riverman77, Mozy123 have both had a go at estimating the profitability for LT, the asset manager. The short story is that on July 19 half year and a flat H2, they should make at least £50m pre tax. LTI has 24.something% so what it’s worth looking back depends on any view you’d like to make. What it’s worth in future I don’t know....more I guess provided their wheels don’t come off. Not long back French FM Almundi? bought the AUM and investment are of Spanish Sabatel TSB owner for about 1.8% AUM and similar size transaction but not researched why or if any good. A is an aggregator anyway, S perhaps wanted the capital back. Yesterday Legg Mason was bought for about 5% of AUM. Much much much bigger AUM and track record drives value. I’ve now read about Jupiter Merian. The PE house with major stakes in both looks to me to be the puppeteer and obviously not going to overpay away more than it had to, to shore up its own investments. I think that price was bottom book and reflects the LTI directors long held valuation here. What’s crucial now for them is to start to grow AUM again. Most Major holdings are all well off previous highs so that’s a start IMO. I’m keen to read the next Factsheet as it’s not every month your share price declines by 20%.
spectoacc: My view on LTI hasn't changed - personally, I think it's over-valued. Train has successfully (very successfully) followed a multi-year bull market in "moat" stocks. I see them as over valued. P/e's are silly, and takes very little to knock them back (eg RB). He talks a good game, but seems unable to exit when wrong, irrespective of size. PSON, BAG - next one will be no different. The "size" d/g ultimately affects LT valuation, which ultimately hits LTI, tho I accept there's calculations can be done to show LTI premium isn't as high as it seems.
steve3sandal: I have bought back in today at £1330 and £1340 which I thought I'd declare. I'm grateful for topvest post 95 on 6 Jun where he/she illustrated LT asset management company made PBT of £55m @YE Jan 19. AUM ended their year at £13.2Bn. With LTI now at the close of £1340 x 200m Shares, LTI market cap is £268m. Factsheets attribute 46% of LTI to LT so this is being valued at c£123m and the balance attributed to the quoted securities. This seems reasonable to me. LTI own c24% of LT which topvest suggested Jan 19 PAT £45m. Attributing £11m PAT to LTI flags a PE for the asset management business of around 11x. Its a bit higher than the Board which averages 1.5% AUM and around 10/11x PE hence the premium quoted everywhere. LTI issued a NAV update on 4 Jul which stated 30 Jun AUM £21Bn. I can sort of understand why the 'premium' was chased up this year given the tremendous increase in NAV (part market rises). I can understand that the HL thing might slow fund flows, and have no view what the market will do but I was happy enough with the LT valuation after another 10% plus share price fall today. If I get the chance to buy lower down I may do that too. Please DYOR, this is just my back of the envelope calc on the back of an others back of envelope calc.
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.
Lindsell Train Investment share price data is direct from the London Stock Exchange
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