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TAM Tatton Asset Management Plc

-2.00 (-0.39%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Tatton Asset Management Plc LSE:TAM London Ordinary Share GB00BYX1P358 ORD GBP0.20
  Price Change % Change Share Price Shares Traded Last Trade
  -2.00 -0.39% 508.00 6,837 16:02:43
Bid Price Offer Price High Price Low Price Open Price
500.00 508.00 512.00 500.00 500.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Business Services, Nec 32.33M 13.37M 0.2210 22.99 307.4M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:23 UT 141 508.00 GBX

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Date Time Title Posts
23/11/202316:19Tatton Asset Management lists on AIM86
03/10/201303:52**** TAKEOVERS & MERGERS ****7

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Posted at 10/12/2023 08:20 by Tatton Asset Management Daily Update
Tatton Asset Management Plc is listed in the Business Services, Nec sector of the London Stock Exchange with ticker TAM. The last closing price for Tatton Asset Management was 510p.
Tatton Asset Management currently has 60,511,400 shares in issue. The market capitalisation of Tatton Asset Management is £307,397,912.
Tatton Asset Management has a price to earnings ratio (PE ratio) of 22.99.
This morning TAM shares opened at 500p
Posted at 16/11/2023 07:44 by edmonda
"Sector-leading net flows, double-digit profit growth"

AUM grew 8% over H1-24 (to 30 Sep 23) from £12.7bn to £13.7bn. Net inflows totalled +£910m (7% of opening AUM), an inflow rate far above most peers, with some experiencing substantial outflows (see page 2). Investment performance contributed +£100m to AUM. Encouragingly, Tatton reports that the level of net inflows of H1 has continued into H2.

Revenue was up 10% y-o-y from £15.9m in H1-23 to £17.5m; adjusted operating profit (AOP) increased 11% from £8.0m to £8.9m; and AOP margin hit 50.7%, from an already-impressive 50.1% in H1-23. These margins are far above any comparable business (see page 7).

We highlight the significant growth potential going forward (detailed on pages 9-12): 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 fundamental valuation is 580p per share, 18% above the current share price. We also flag that since the end of the bull market (end of 2021), investment/wealth managers and platforms have ‘de-rated’ significantly, with the median PER of a tracked peer group declining 47% from 27.6 to 14.6. We believe there is potential for a significant sector re-rating (see page 16).

Link to report:
Posted at 19/10/2023 14:07 by kalai1
Tatton Asset Management plc issued a trading update for the for the six months ended 30 September 2023 this morning. The Group is performing well and results are in line with the Board's expectations for the Period, with continued growth in both revenue and profits driven by strong net inflows. Total net inflows in the Period were £0.910bn, marginally ahead of both the final six months of the prior financial year (H2 23: £0.887bn) and the same Period last year (H1 23: £0.907bn), total AUM at the end of the Period was £13.720bn (30 September 2022: £11.343bn), an annual increase of 21.0% or £2.377bn. Including 8AM Global Limited assets of £1.064bn, AUM/AUI increased over the last twelve months by 19.8% or £2.441bn to £14.784bn (30 September 2022: £12.343bn). Valuation is unhelpful with forward PE ratio over 20x and PS ratio near 8.6x. Share price also lacks momentum. Monitor for now...

...from WealthOracle
Posted at 19/10/2023 07:39 by edmonda
"Growth rate head-and-shoulders above peers (again)"

AUM grew 8% over H1-24 (to 30 Sep 23) from £12.7bn to £13.7bn. Net inflows totalled £910m (7% of opening AUM), showing remarkable strength and consistency (H1-23: £907m, H2-23: £887m). This is even more impressive given the difficult economic and market environment which has hurt the growth of most sector peers, with some experiencing substantial outflows. Market and investment performance contributed £100m to AUM over the half-year.

‘Assets under influence’ (AUI), which includes the AUM of 8AM Global Limited (£1.1bn) in which Tatton owns a 50% stake, also grew 7% to £14.8bn. This brings the group within touching distance of its medium-term strategic AUI target of £15bn which it set out to achieve by March 2024.

Over H1-24, 51% of our forecast full-year AUM growth has been achieved (flows ahead, markets weaker) and we have left our forecasts unchanged, as well as our fundamental valuation of 580p, which is 22% above the current share price. We also flag that sector valuations have declined extremely sharply, and there is potential for a significant sector re-rating (see page 3).

New research report with audio summary:
Posted at 13/6/2023 07:40 by qblaz3
Posted at 18/4/2023 06:47 by edmonda
"Organic growth train rumbles on with inflows +40%"

FY23 AUM closed on £12.7bn (on 31 Mar 23), +12% y-o-y on a like-for-like basis (31 Mar 22: £11.3bn), and well ahead of our previous forecast of £12.2bn. Adding 8AM Global’s assets brings Assets Under Influence up to £13.8bn (Tatton acquired 50% of 8AM in Aug 22).

But most impressively, the bulk of growth came from exceptionally strong net flows of +£1.8bn (16% of opening AUM and +40% y-o-y), with momentum through the year (H1: +£907m; H2: +£887m). Tatton’s ability to attract and retain assets has been far above peers in recent years. It clearly has a strong strategic positioning and is gaining market share.

Our FY23 rev. forecast rises to £31.1m from £30.6m (FY24: £35.0m from £34.0m) and our FY23 adj. operating profit to £15.8m from £15.1m (FY24: £17.9m from £17.8m). We also highlight that Tatton is ahead of its medium-term growth plan. Our core value rises from 500p to 560p per share.

New research note with audio summary:
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 13:35 by kalai1
Posted at 18/10/2022 06:52 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 15/6/2022 06:28 by edmonda
#TAM Despite sharp market falls in Q4 of FY22 (Jan-Mar 22), AUM grew 26% y-o-y to £11.3bn (FY21: £9.0bn), with £1.3bn of net inflows (14.2% of opening AUM compared to a sector median of just 4.3%). Revenue grew 26% from £23.4m in FY21 to £29.4m, adjusted operating profit 27% from £11.4m to £14.5m, and adjusted operating margin increased from 48.8% to 49.5% (compared to a sector median of 32%), providing further evidence of operational gearing.

Net cash increased 28% from £16.9m to £21.7m, even though £6.6m was paid in dividends and £3.0m for the first tranche of the Verbatim funds acquisition. Tatton has declared a full-year dividend of 12.5p, 14% up on the 11p distributed in FY21, giving a yield of 3.0%

Our fundamental value is 530p per share. That is c. 27% above the current share price, but down slightly on our previous value of 560p per share - due mainly to an increased discount rate (which is in turn due to the recent jump in UK 10-year Gilt yields which we have used as our risk-free rate).
Posted at 20/4/2022 06:53 by edmonda
#TAM AUM ended FY22 (31 Mar 22) on £11.3bn, +26% y-o-y (31 Mar 21: £9.0bn), in line with our previous forecasts. But more impressive, from a longer-term strategic perspective, is the fact that ‘organic’ net inflows of +£1.28bn exceeded our forecasts to make up for an investment performance which was hit by the market turbulence of Q4 (Jan-Mar 22). In fact, net inflows in H2 almost matched H1 (£625m vs £652m).

Tatton has also entered into an agreement to acquire 50% of 8AM Global Limited (8AM), for c£7.0m (£3.5m payable on completion, funded through the issue of new shares, plus two performance-adjusted payments after 12 & 24m). Tatton will have an option to acquire a further 50%. This appears to be a solid strategic fit and in line with Tatton’s acquisition strategy.

Our bullish view on Tatton’s fundamentals remains unchanged, as do our forecasts, other than a small adjustment to FY22 AUM to match the actual closing value. We maintain our fundamental value of 560p per share1 which is around 30% above the TAM share price following its recent fall, although we highlight the fall is not unique to TAM, with ‘growth shares’ generally hard-hit in 2022.
Tatton Asset Management share price data is direct from the London Stock Exchange

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