Polar Capital Share Discussion Threads

[spawny100] 01/7/2022 08:07

Eh? They've slightly trimmed their position as far as I can see.

[finctastic] 01/7/2022 08:05

Schroders more than dipping a toe. More should follow before div day imo.

[edmonda] 27/6/2022 08:51

"Impressive FY22 despite market & AUM falls in Q4" - see detailed new note from Equity Development below.

Driven by a 37% increase in average AUM (from £16.7bn to £22.8bn), gross investment management fees* grew 33% from £157m to £210m. However, a drop in performance-related revenue from £44m in FY21 (a bumper year) to £14m slowed total revenue growth to 11% (£224m v £202m in FY21). Core operating profit (excl. perf. fees, other income, exceptional items and tax) jumped 35% from £52m to £69m while PBT fell from £76m to £62m, with the fall mainly as a result of the reduction in performance-related profits (FY21 £19m; FY22 £4m).

Polar’s balance sheet remained robust, with net assets of £156m, cash and equivalents of £121m, and no debt. Full-year dividends totalled 46p, 15% up y-o-y, producing a yield of 8.8%.

Recent market and AUM trends have led us to reduce our FY23 AUM forecast to £19.0bn. This results in a drop in average AUM, revenue and profit from FY22 to FY23. However, given its strategic positioning and growth opportunities, we think Polar can re-ignite its growth trajectory and reach £25-26bn of AUM over the next four years or so. Our fundamental valuation is 800p per share, over 50% above the current share price, but down from 1,000p.

Link to full detailed note, with audio summary:

[topvest] 27/6/2022 08:19

Yes, its a very good asset manager. Needs to grow some of its value strategies in the current market. Good portfolio of strategies. Excellent business model that works for the asset managers; investors and shareholders alike.

[rcturner2] 27/6/2022 08:01

This is a 5/5 value play for me and very happy to be holding here.

[diviincomesearch] 27/6/2022 07:45

Results out. All fairly standard stuff, expect AuM to be under £20bn at the moment.

56p eps. Stacks of cash still on board, from a low base a good performance fee year is feasible if we have a pick up in the markets in H2.

[zho] 27/6/2022 07:42

FY22 adjusted eps of 56p, marginally ahead of consensus 55.15p (according to the FT's figures) but down from last year's 62.2p.

Cash of £121 million or 120p per share.

Dividend 32p, making total for year of 46p (2021 – 40p) for yield of 8.8%

[mister md] 22/6/2022 09:18

added some more this morning at 505 p

[spawny100] 16/6/2022 09:50

I'm waiting for the 4's to start buying now.

[patient fox] 15/6/2022 11:57

well it seems a new holder at 4% agrees

[mister md] 15/6/2022 08:24

Well it may not be 'the bottom' but I can't help but feel this is good value for a long term investment - fortunately only discovered it recently though

[spawny100] 14/6/2022 10:11

There you go finctastic there's your 515. I'm waiting for lower.

[spawny100] 14/6/2022 09:55

I don't see any reason for markets to bottom out any time soon. Economic news is woeful and there are 2 years of insane money printing in the system now to pay for all the Covid madness. Can't see any good news to lift the markets at all.

[zho] 14/6/2022 08:48

This is from Hargreaves Lansdown in January:

"The group has particular expertise in Technology and Healthcare, which account for 49% and 14% of AuM respectively."

This makes POLR particularly vulnerable to a fall in tech stocks - and the SPX and NDX are down roughly 20% and 30% from their early January peaks - but should make it a candidate for a bounce when markets bottom out.

[finctastic] 14/6/2022 08:47

Not for the first time I agree spawny. I will be dipping a toe if 515 is revisited though.

[mister md] 14/6/2022 08:46

Fair points - I knew about PCT but wasn't aware that most of their funds are Tech based. Lets see how much more correction to come in Nasdaq and S&P, will gradually add to position

[spawny100] 14/6/2022 08:36

And US tech at that which is taking a complete battering lately. Can they maintain the divi if tech crashes further? I'm watching and wondering when to buy more but not in a rush.

[rcturner2] 14/6/2022 08:34

Their main funds are US funds so they are more at risk as the stock markets in the US fall.

[mister md] 14/6/2022 08:21

This seems good value to me at current levels - huge dividend and capital appreciation over time ? The current market turmoil is providing some bargains on the UK market IMHO

[spawny100] 01/6/2022 08:12

Yes I missed the 500p but have an average around 560 which I'm fairly happy with as it's below many of the recent Director buys.

[rcturner2] 01/6/2022 08:01

500p for this share was a massive steal.

[patient fox] 31/5/2022 21:12

with many director buys around and above this price plus a great dividend,£8+ is a fair target.

[spawny100] 31/5/2022 18:21

£6.10 close with big ut trade. Interesting to see what it opens at tomorrow. Especially given I added a decent chunk of shares today!

[spawny100] 31/5/2022 13:53

Quiet here after a nice near 20% run and looking about to break £6 shortly. Nice w pattern on the chart back to £8+.