Share Name Share Symbol Market Type Share ISIN Share Description
Polar Capital Holdings Plc LSE:POLR London Ordinary Share GB00B1GCLT25 ORD 2.5P
  Price Change % Change Share Price Shares Traded Last Trade
  2.00 0.39% 512.00 272,141 16:35:16
Bid Price Offer Price High Price Low Price Open Price
513.00 515.00 523.00 502.00 513.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 201.51 75.92 67.20 7.6 516
Last Trade Time Trade Type Trade Size Trade Price Currency
17:57:47 O 8,751 513.18 GBX

Polar Capital (POLR) Latest News (2)

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Date Time Title Posts
01/7/202217:43Polar Capital Hldgs - turbo charged asset manager344
04/11/201410:31Things are easy when you're big in Japan....-

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Polar Capital Daily Update: Polar Capital Holdings Plc is listed in the General Financial sector of the London Stock Exchange with ticker POLR. The last closing price for Polar Capital was 510p.
Polar Capital Holdings Plc has a 4 week average price of 496p and a 12 week average price of 496p.
The 1 year high share price is 951p while the 1 year low share price is currently 496p.
There are currently 100,790,725 shares in issue and the average daily traded volume is 202,381 shares. The market capitalisation of Polar Capital Holdings Plc is £516,048,512.
edmonda: "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:
zho: 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%
zho: 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.
patient fox: with many director buys around and above this price plus a great dividend,£8+ is a fair target.
grahamburn: This is a strangely delayed holdings announcement. Only announced today, but threshhold crossed on 5 July last year. The 10 month delay isn't explained.
edmonda: The market turbulence of the first quarter of 2022 (Q4 of Polar’s FY22) has taken some of the shine off an otherwise strong year. But only some of the shine. While Q4 saw a £1.9bn or 8% drop in AUM from £24.0bn on 31 Dec 21 to £22.1bn on 31 Mar 22, over the full FY22 (Apr 21 to Mar 22) AUM grew £1.3bn or 6% (end-FY21: £20.9bn). The dip in AUM makes only a small difference to our FY22 projections. As revenue is mostly a function of average AUM throughout the year, it is not hugely sensitive to a drop at the end of the year. And Polar’s performance fees mostly crystalise on 31 Dec, so those were largely ‘locked in’ before Q4. We now estimate revenue to grow by 8.5% in FY22 to £219m, and core operating profit to grow by 26% to £65m (profit before tax, performance fees and exceptional items). With FY23 starting off from a lower AUM base than previously projected, our estimates going forwards have been reduced a little more significantly, and our fundamental valuation is now 1,000p per share, still 64% above the current share price, but down from 1,400p. We also highlight that Polar trades on a PE ratio of just 9.1, around half of the peer group median of 18.0, which we do not think is justified given its track record, strategic positioning, and growth prospects
topvest: I've bought back in. Probably a tad early, as the price is clearly not bouncing yet. Nevertheless, great value long term. AUM are x2 what I sold them for but the share price is lower! The CEO has also done an excellent job adding teams and diversification. I think its a stronger company now than it was. Clearly AUM will be knocked short-term. Happy to hold long-term now and possibly double-up when the share price starts to bounce.
edmonda: #POLR Good news from Polar Capital with AUM reaching £24.3bn by end Dec 21. Their strong investment performance continued and they remain on track to meet FY AUM expectations. Our fair value of 1400p is double today's share price, and their PE is a 1/3 of competitors.
zho: Richard Leonard on POLR from 13:17. Reckons the share price should be 900p.
lomax99: Had a few more, had hoped to pick a few more up a bit cheaper. They go XD on 23/12. HL has POLR as a share to watch in 2022. Polar Capital Holdings An alternative for tech bulls Polar Capital Holdings is a fund management group listed on the Alternative Investment Market. As of the end of September 2021 the group had £23.4bn of assets under management (AuM) across 30 funds and 3 investment trusts. That puts it at the smaller end of the market. Normally we’d say asset management is an industry where size really matters. However, Polar Capital has healthy operating profit margins of around 35% because of its focus on “thematic investing”. Its funds are specialists, looking to capitalise on broad trends within the wider economy and are able to charge higher fees. The group has particular expertise in Technology and Healthcare, which account for 49% and 14% of AuM respectively. That has served it well in recent years. Not only has tech as a sector performed well, but Polar’s funds have also outperformed. We see Polar Capital as a way to participate in the tech boom, while reducing some of the stock-specific risks. On the other hand, investing in asset managers rather than the funds themselves is a leveraged play on asset price growth. Rising interest in technology funds coupled with rising share prices does wonders for AuM. Fees are charged as a percentage of AuM and fixed administrative costs mean revenue growth feeds quickly through to higher profits. Cash conversion is strong and a large proportion of this is paid back out to shareholders with a dividend yield of 5.4% - although remember that this isn’t guaranteed. There are risks to this approach though. The virtuous circle of rising share prices and increasing inflows can quickly reverse. Polar’s heavy reliance on the technology sector means a change of sentiment or rising interest rates would be very painful. To mitigate this risk, management’s been snapping up smaller boutique investment managers with expertise in other areas like value investing. Meanwhile a sizeable proportion of the group’s cost is made up of performance related pay for fund managers – providing flexibility in bad times. Nonetheless a chill in the tech sector and prolonged underperformance are both real risks and shouldn’t be underestimated. As things stand, we think the group should be able to support meaningful shareholder returns, and over the longer term we believe expertise in technology is a real strength.
Polar Capital share price data is direct from the London Stock Exchange
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