Premier Miton Share Discussion Threads

[chrisdgb] 24/12/2024 08:17

Looking a bit perkier......

[craigso] 11/12/2024 12:02

Classic retail investor dilemma here. I doubt that I would buy at these levels - apart from M&A I can't think of any other catalysts to take an undersized asset manager higher, despite the undemanding valuation and nice yield - but I can't bring myself to crystalise my loss by selling.

Hold and hope... which has cost me previously here when I could have sold in the low 80s / high 70s earlier this year.

[chrisdgb] 11/12/2024 08:08

Hoping for a better 25' with this one......maybe a decent sized merger..?

[its the oxman] 06/12/2024 21:06

Long way to go here if uk small/ mid caps ever return to favor. But will they? Div a nice reward meantime.

[bmcollins] 06/12/2024 12:26

A pleasant surprise with todays strong follow through, I am still long & wrong but not nearly as wrong as I was last week !
I still have some reservations as to whether or not the divi is actually fully covered or not and tend to side with those who suspect it is not & EPS is more like 4p.
Nevertheless we have seen some decent buying since the figures & you don't argue with the market...

[chrisdgb] 05/12/2024 16:13

Consolidating the level today, I am happy to call the bottom.....valuations crazy, long term flows supportive, passive gone too far...

[sphere25] 05/12/2024 08:48

Anyone brave enough to call a bottom in the sector?

The sector certainly looks cheap and ripe for M&A. I've had a nosey at LIO, tried to trade IPX (got it wrong) and had involvement with PMI in the past. I was wrong here though, certainly didn't expect flows and sentiment to continue to be this crushingly bad.

It still isn't nice viewing when you look at the overall picture and wonder when sentiment will eventually change, but they are so beaten up and market sentiment is very depressed so it does beg the question:

Anyone brave enough to call a bottom in the sector?

This looks like it just doesn't want to fall through the low 50's.

It is on the watchlist. There was some decent buying yesterday. Just watching to see if anyone does step in big at some point.

All imo
DYOR

[masurenguy] 05/12/2024 07:16

Panmure Liberum: Liontrust over Miton
Premier Miton (PMI) is cheap but other asset managers are cheaper, says Panmure Liberum.

Analyst Rae Maile retained his ‘hold’ recommendation and target price of 100p on the investment company, which rose 10.2% to 60.6p on Wednesday. The group reported a strong start to the current financial year, with better-performing markets and reduced outflows, meaning assets under management at the end of November were £200m higher than at the end of September. "Another year of earnings per share covering a maintained dividend per share of 6p per share is in prospect should flows continue to normalise and markets behave. The price/earnings ratio on little changed earnings per share estimates is under 9 times and the yield on a maintained payment 10.9%." This means that the shares are ‘cheap’ but Maile noted that ‘others in the sector – most obviously Liontrust (LIO) – are cheaper, yield more, and arguably have greater gearing to a more positive flow environment’.

[riverman77] 04/12/2024 17:27

If you read the full article it says the inflows in November were probably just a partial reversal of the CGT based selling in October ahead of the budget, and they expect the outflows to resume over coming months. Not great for the likes of PMI.

[masurenguy] 04/12/2024 16:38

UK investors poured money back into equity funds in November

Net inflows hit a record high of more than £3 billion, following the budget, after net selling of £2.7 billion in October, according to data from Calastone. Funds focused on the UK market also had the first month of inflows since May 2021, ending 41 months of “unrelenting” net selling. Investors added a net £317 million to UK-focused funds in November, Calastone found. However, it is dwarfed by withdrawals of £25.3 billion in the previous three and a half years.

[edmondj] 04/12/2024 12:11

riverman77,

Presumably they would say, others are doing same on treatment of share-based payments, I seem to recall LIO also.

But yes, properly EPS around 4p after adding back amortisation only.

Put me off so didn't get to the inflows treatment, lol.

[riverman77] 04/12/2024 12:07

They could do with a table to make things a bit clearer - if they are treating the acquisitions as inflows then that is pretty outrageous and certainly never come across that before.

[craigso] 04/12/2024 11:48

Haven't gone through the results with a fine tooth comb, but it sure seems to me that the stock market cares about AUM and little else...

[wjccghcc] 04/12/2024 11:04

It’s in the results.

“Net outflows for the year were £318 million (2023: £1,147 million outflows), this includes net inflows from acquisitions and disposals of £440 million (2023: £nil)”

[riverman77] 04/12/2024 10:45

Agreed on that point - adjusted EPS are overstated by around 2p since they inexplicably adjust out share based payments. In what way is that not a business cost? EPS should be about 4p.

[edmondj] 04/12/2024 09:08

Recognise the share-based payments as a cost though, and the P/E looks more like 14x. Snapshot in time, obviously,

[bmcollins] 04/12/2024 09:02

@riverman
I agree, I'm no accountant but I can never recall an acquisition being used to materially alter the accounts like that.

[riverman77] 04/12/2024 08:59

I don't think that's right - the acquisition would not have been included in the net flow figures.

[davethehorse] 04/12/2024 08:43

True but the market likes it and it's being re rated based on the outlook now going forward, hopefully see an share price near 70p soon, I think PMI and several other asset managers are very oversold currently, ripe for a decent bounce...

[wjccghcc] 04/12/2024 08:29

A bit sneaky on the net outflows. They say 318mm but that was after 440mm net inflows from the acquisition so actually 758mm.

[undervaluedassets] 04/12/2024 08:27

well the results were respectable. I will give them that.

But I have been in these since before the merger and sheesh.. awful

got to do better.

[davethehorse] 04/12/2024 08:24

Wouldn't surprise me if this very well run and respected business was not on several M&A radars either....a very cheap bolt on for a biggie...

[davethehorse] 04/12/2024 08:05

Should be back in the 60s today with a fair wind...

[cwa1] 04/12/2024 07:53

I keep on thinking it is undervalued but the share price keeps on telling me I'm wrong :-/

This time Rodders?

[davethehorse] 04/12/2024 07:52

Very pleased with those results in a poor year, very solid in the circumstances and the divi maintained a huge plus, going forward these look a tuck away job to me and could prove a very good investment in a few years time.