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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tatton Asset Management Plc | TAM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 580.00 | 08:35:38 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 580.00 | 580.00 | 580.00 | 580.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 23/11/2022 07:25 by edmonda "Best-in-class growth in very difficult markets" (new research report)In our 18 October note, we stated how impressed we were with Tatton’s strong net inflows during H1-23 (to 30 Sep 22), an extremely testing economic period. These totalled +£907m (H1-22: £652m), an annualised rate of 16% of opening AUM, just offsetting a negative investment performance of -£905m (-8.0% of opening AUM compared to the MSCI PIMFA Private Investor Balanced Index fall of -9.6%), leaving AUM at £11.3bn (£12.3 bn including c£1.0bn of ‘assets under influence’ from the acquisition of 50% of 8AM Global, growing to £12.9bn in the post-results period). With more peers releasing trading updates since that note, Tatton’s performance now looks even more impressive than first thought. It was the ONLY company in our peer group that grew AUM, with all comparable peers recording AUM declines (between 5% and 11%). We highlight the significant growth potential beyond their three-year plan: Tatton is in a growing market with significant tailwinds; it has a market-leading proposition and is gaining market share; it has a huge opportunity to grow AUM even without winning new clients (by increasing average AUM per client); and it can accelerate growth through strategic partnerships and acquisitions. Our core value is 500p per share, 14% above the current share price. This increases from 460p on better-than-expected interims and a fall in the 10-year Gilt rate, the risk-free rate in our DCF valuation. Note and audio summary (free & accessible) here: |
Posted at 18/10/2022 07:52 by edmonda Exceptionally strong half-year of net inflows - link to full new research note from Equity Development: Even in more ‘normal’ economic times, Tatton’s net inflows over H1-23 (to 30 Sep 22) would have been impressive. But given the weak economic and market environments, it is an exceptional performance. Net inflows totalled £907m (annualised rate of 16% of opening AUM), averaging £150m per month. This is a sharp increase (+39%) over H1-22 which saw £652m of net inflows (annualised rate of 14.5% of opening AUM), averaging £100m per month. Falls in financial markets, however, offset most of these AUM gains. The MSCI PIMFA Private Investor Balanced Index fell 9.6% over the period with market movements and investment performance being responsible for a £905m reduction in Tatton’s AUM (-8.0% of opening AUM). AUM closed the half-year marginally up at £11.343bn (31 Mar 22: £11.341bn). While net inflows are ahead of our forecasts by some margin (previous estimate £1.3bn for the full FY23), market falls lead us to reduce our end-FY23 AUM forecast from £13.0bn to £12.2bn (Tatton has also flagged that H1 inflows were boosted by several ‘wins’ with H2 net inflows likely to be lower than H1). This, coupled with the jump in UK Gilt yields (the risk-free rate in our DCF valuation), reduces our fundamental value from 540p to 460p, still 30% above the current share price. We also highlight that while only a limited data set is available, it seems that Tatton’s H1 performance of net inflows exceeding negative investment performance (i.e., a net increase in AUM) appears to be a standout performance among London-listed asset and wealth management peers (see page 2). We will revisit this comparison when interim results are released in November. |
Posted at 17/6/2021 10:39 by edmonda Investor Webinar recording now available!We hosted the management team at Tatton AM for an investor webinar presentation and Q&A on 16th June - they discussed their full year numbers, the potential for acquisitions given their cash pile, and the pace at which IFAs are again acquiring new clients and adopting DFM post the pandemic lull. Watch recording here: |
Posted at 15/6/2021 07:47 by edmonda #TAM Tatton’s FY21 results highlight strong momentum in the business. Current AUM inflows have returned to pre-Covid levels and now average £100m per month, with the £9.0bn AUM milestone reached on 31 Mar (subsequently surpassed, reaching £9.5bn on 15 June). That translated to 35% AUM growth for FY21 (AUM 31 Mar 20: 6.7bn).Tatton hasn’t gone unnoticed by investors. Its market cap has now surpassed £1/4bn, up around 70% y-o-y. However, its valuation compared to peers is still not demanding. While it is a top-quartile performer when it comes to AUM inflows (as a % of opening AUM), its price-earnings ratio of 27* is below the peer median of 32, and far below its highest rated peers which have PE ratios well north of 40. If it continues to deliver, Tatton will surely appear on more and more investors’ radar screens going forward. |
Posted at 11/5/2021 20:33 by edmonda Tatton Asset Management – Full Year Results investor presentation with Q&A will take place on Wed 16 June at 11.30am. Paul Hogarth (CEO), Paul Edwards (CFO), and Lothar Mentel (CIO) will conduct a live presentation covering their results to the FY ended 31 March, and the event is open to all existing and potential shareholders: |
Posted at 22/1/2021 01:59 by davidosh There will be a presentation by Tatton A.M at the Mello evening show on Monday 25th January. There are a number of quality presentations including Lord Lee on takeovers and how P.Is miss out. There will be three companies presenting and this will be the first time Tatton have presented at Mello.You may also enjoy the MelloBASH (Buy, Avoid, Sell or Hold) which is unique to Mello and allows a panel of analysts, professional investors and fund managers to give their measured and researched thoughts on a number of listed companies If you would like a half price ticket to join the other 600 investors then just enter the code MMTADVFN50 when purchasing your ticket |
Posted at 20/1/2020 14:56 by edmonda If you'd like to meet the management they are presenting on 5th Feb - you can register here |
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