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Premier Miton Group Plc

2.00 (2.42%)
Share Name Share Symbol Market Type Share ISIN Share Description
Premier Miton Group Plc LSE:PMI London Ordinary Share GB00BZB2KR63 ORD 0.02P
  Price Change % Change Share Price Shares Traded Last Trade
  2.00 2.42% 84.50 189,933 16:17:03
Bid Price Offer Price High Price Low Price Open Price
84.00 85.00 84.50 82.50 82.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Investment Advice 90.57 9.57 6.10 - 133.44
Last Trade Time Trade Type Trade Size Trade Price Currency
17:07:23 O 5,000 84.50 GBX

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Date Time Title Posts
31/5/202307:39Premier Miton Group179
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Posted at 31/5/2023 07:39 by masurenguy
Half Year Results for 6 months to March 31st


-- £11.0bn closing Assets under Management ('AuM') (2022 HY: £12.8bn)
-- Net outflows of £32m in the Period (2022 HY: £401m outflows)
-- Continued inflows into fixed income strategies of £399m in the Period (2022 HY: £138m inflows)
-- 76% of funds above median investment performance since launch(2022 HY: 80%)
-- Adjusted profit before tax (1,2) of £7.9m (2022 HY: £14.6m)
-- Profit before tax of £2.4m (2022 HY: £9.9m)
-- Proposed interim dividend of 3.0p per share (2022 interim: 3.7p per share)
-- Successful launch of Premier Miton Emerging Markets Sustainable Fund, April 23
-- Continued focus on distribution capabilities to service our existing and new client base, and positioning for inflows when market and sentiment conditions turn positive again, by showcasing the depth and breadth of our investment talent across asset classes
-- £11.0bn closing AuM at 30 April 2023

Mike O'Shea, CEO of Premier Miton Group, commented:"Although this has been a tougher period for investors, we remain convinced that the work we have done in building a diversified active manager that can offer products across equities, fixed income and multi-asset will bear fruit in the long term. At times of market stress there are substantial opportunities for genuinely active managers who have the courage of their convictions to run differentiated, long-term, and focussed portfolios by taking an agile and positive role in the capital allocation process. Our long term investment performance record is good, we have a strong distribution and marketing capability, a strong balance sheet and an operational platform that can handle many times the current level of assets we manage. As confidence returns to markets and to investors, we are well placed to return to growth."

Posted at 18/4/2023 15:26 by t-trader
Bought in today at 95.5p

Looks a cheap entry price for this company.

Great dividend yield and significantly undervalued IMO

Wouldn’t be surprised to see this snapped up by one of the major players at some point.

Posted at 18/4/2023 15:05 by 1knocker
The update seems OK to me. The share price has certainly taken quite a hit over the past few months though. I am well underwater with a buying price of 110, but its a volatile share in a volatile market, so one must be prepared to accept a bit of turbulance I guess.
Posted at 15/2/2023 07:29 by masurenguy
Fund manager offers income of 7%

In many respects, fund management companies like Premier Miton Group are just supercharged plays on the general performance of the stock market. If markets rise, and their funds do well, fee income grows. On the other hand, if markets fall, Premier Miton is likely to see fee income decline. The group's assets under management ended 2022 at £11.1bn, an increase of 5% year-on-year. That looks like a pretty good result, considering the state of the markets last year. Encouragingly, 82% of its funds were in the top 25% or 50% of their respective sectors, implying its managers know what they’re doing.

Overall, the company generated £17.1m of cash last year, more than enough to support its £14.7m dividend outlay. Even though it’s paying out the majority of its cash flow to investors, the firm has still managed to build a large cash reserve on the balance sheet. Its bank accounts are stuffed with £45.8m, nearly a quarter of its current market capitalisation. The forecast full-year dividend of 9p for the current year equates to a yield of 7% at the current share price.

Posted at 31/1/2023 08:35 by robow
Here is the piece from the Telegraph Questor colulm from the 27th

Today we will carry out a small‑scale refresh of our Inheritance Tax Portfolio: following a cull of four holdings in October we will add two new ones. We’ll also update on some recently added stocks as well as on one that dates back longer.

New holdings: Premier Miton, SDI
These are both stocks we have already tipped for the general readership, as opposed to those who specifically want shares likely to be exempt from inheritance tax.

We named Premier Miton, the fund management company, as our stock tip of the year on Jan 11 and recommended SDI, which makes scientific equipment, two days ago.

We believe (although one can never be 100pc sure) that both qualify for “business relief”, the tax break that gives rise to inheritance tax exemption, so we add both to our IHT Portfolio now.

Questor says: buy

Tickers: PMI, SDI

Share prices at close: 117p, 165.5p

Posted at 13/1/2023 07:57 by cwa1
Is it my imgination-or is that AuM update MILDLY encouraging?

Mike O'Shea, Chief Executive Officer, commented:

" The Group's AuM ended the Quarter at £11.1 billion, an increase of 5% on the opening position for the year. We are encouraged by this performance given the challenging landscape for the wider sector.

"The Group experienced positive net flows for the quarter totalling £8 million with inflows into our US equity, fixed income and Diversified funds. These inflows were partially offset by outflows from our European and UK equity open-ended funds.

"Our investment performance remains relatively strong with 82% 2 of funds in the first or second quartile of their respective sectors since launch or fund manager tenure, with both our newer teams and funds and the more established products performing well .

"Despite the on-going challenging economic conditions, our clear proposition of active management and our diversified product range should position the Group well when confidence returns."

Posted at 11/1/2023 17:06 by metis20
Goes ex div tomorrow; "Final proposed dividend of 6.3 pence per share.."


Posted at 11/1/2023 13:29 by robow
Our tip of the year is ‘very cheap, very unloved and highly profitable’

Questor share tip: this fund management company is ideally placed for a bounce back when markets recover

Richard Evans
11 January 2023 • 6:00am
It’s time to name Questor’s tip of the year and as usual we have sought the views of the fund manager who put us on to the best performer of last year under our “Follow the Money” banner. What’s unusual is that this year’s stock is quoted on London’s junior Aim market and is itself a fund management company.

The first thing to catch the eye about Premier Miton is its huge yield of almost 9pc. But it looks very cheaply valued on other measures too.

“Its market value is about 1.5pc of the value of the funds it manages,” says Chris Boxall, co-founder of Fundamental Asset Management, an Aim specialist.

“If I were selling my own business I would want a lot more than that – and I would expect to pay a lot more if I wanted to acquire a rival myself.” He has included Premier Miton in his recently launched Fundamental Aim IHT Income Portfolio.

It’s not hard to list reasons why investors are shying away from Premier Miton. Fund managers make their money by charging a percentage of the amount they manage for their clients and when markets are struggling, as they have been for the past year or so, the value of the funds they manage tends to fall, no matter how good they are.

Investors remain nervous about the economy, interest rates and inflation so are not inclined to back companies that require optimistic sentiment in the financial markets to maximise their profitability.

One factor to affect Premier Miton in particular is that it is seen as a specialist in smaller companies, a part of the market that has been particularly badly hit and is typically most exposed in wider sell-offs.

Then there is the ever-present danger from passive funds – those that abandon any attempt to beat the wider market and simply replicate a particular index. Such funds are vastly cheaper than the “actively managed” stock-picking funds run by the likes of Premier Miton.

The stock is clearly not one to buy when the market is looking frothy. Now, after some big falls (outside the FTSE 100, which is skewed by exposure to commodities and the exchange rate), would be a much better time for those investors able to look beyond the current instability and to await the next bull market, whose arrival sooner or later is inevitable.

Premier Miton may also be less threatened by the passive investment boom than many rivals. The funds most at risk of investors withdrawing their money (“outflowsR21; in City argot) are those that fail to outperform the wider market, but 87pc of Premier Miton’s funds did so in the year to September last year, Boxall points out.

And it has particular scope to outperform in areas such as smaller stocks, which are less researched and understood and therefore more likely to be mispriced by the market as a whole.

“The market gives the stock a lowly rating because it thinks its assets under management are under pressure, but if it can maintain that record of outperformance it should be able to hold on to its assets,” he adds.

In fact the company has ambitions to increase the amount it manages from today’s £11.3bn to £20bn. While a following wind from a wider market recovery would clearly help, it does have some tools of its own that it can deploy.

One is its hefty cash pile of £45m, on top of the healthy profits it makes every year, which it could deploy to make acquisitions.

If it were to buy smaller, niche operators it could be able to grow the assets managed by the acquired companies quickly thanks to its own larger sales and distribution teams, Boxall adds.

“It could make niche acquisitions, possibly quite cheaply in the current environment. Once bolted on to a big sales/distribution operation the assets under management could grow very quickly. And there are loads of small asset management companies around, especially in niches.” Premier Miton is “not strong” in Boxall’s own area of tax-efficient investing, he adds.

The company has committed to pay 50pc-65pc of adjusted after-tax profits as a dividend and could afford to pay even more, but is probably holding back to be able to take advantage of acquisition opportunities, Boxall says.

He concludes: “It looks very cheap, very unloved. But it’s highly profitable and with that huge yield you are being paid to wait for a share price recovery.”

Questor says: buy

Ticker: PMI

Posted at 14/12/2022 19:03 by sphere25
Thanks Brianblu, you too. I am pooped, probably sleep through most of it or at least try!

Hope everyone has a nice festive period.

The reports fade away from here and things usually slow down substantially. PMI still attracting some decent buying with someone coming in for a late reported 200k @ 104.5p too, but it closed bang on that 105p mark know...just to tease us all.

I wonder how we will look back at these prices within the stronger and proper cash generating companies 12-24 months out.

"Plonker! Why did you trade so many of them?"

Time will tell.

And now we see if it can crack on or an exit. Hardly an income seeker so won't hang around for the dividend of 6.3p to be paid to shareholders on the register at 13 January 2023, but if you watch particular companies that have these chunky dividends, the market bids the price up near the ex dividend date so there are trading opportunities.

It would happen with the likes of DLG, had one with NRR and they came in at SLP recently too ,so maybe worth a keeping an eye on PMI nearer that date too. I know some traders who sell into that move, benefiting from the price action, but not holding on ex dividend date because the downside can be exacerbated or at least it might not be as beneficial as the run up trading position.

Anywho, let's watch the football.

All imo

Posted at 02/12/2022 13:42 by stemis
Surely the only thing holding this up is the dividend yield. The elephant in the room is the fall in AUM. Average AUM during 2021/22 was £12.6bn. However it started the year at £10.6bn recovering somewhat to £11.3bn by end of November. Assuming it averages £11.3bn during the year and net margin fee margin remains 64.6%, that would knock £8.5m off PBT. Hard to see admin costs any lower when mostly it's salaries and inflation is over 10%.

Comment on dividend notes that it is a deviation from stated policy and outlook statement is defiant more than positive. If the above comes to pass and they then cut the dividend I can't anything other than downside for the share price...

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