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TAM Tatton Asset Management Plc

556.00
-4.00 (-0.71%)
Last Updated: 12:31:26
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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -4.00 -0.71% 556.00 560.00 578.00 556.00 556.00 556.00 189,420 12:31:26
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Business Services, Nec 32.33M 13.37M 0.2210 25.16 336.44M
Tatton Asset Management Plc is listed in the Business Services sector of the London Stock Exchange with ticker TAM. The last closing price for Tatton Asset Management was 560p. Over the last year, Tatton Asset Management shares have traded in a share price range of 439.00p to 600.00p.

Tatton Asset Management currently has 60,511,400 shares in issue. The market capitalisation of Tatton Asset Management is £336.44 million. Tatton Asset Management has a price to earnings ratio (PE ratio) of 25.16.

Tatton Asset Management Share Discussion Threads

Showing 76 to 94 of 100 messages
Chat Pages: 4  3  2  1
DateSubjectAuthorDiscuss
23/1/2024
02:16
Yep, 3.3% of his total holding at the time
tudes100
22/1/2024
23:49
Hogarth sold £1.8m last week
qblaz3
16/11/2023
11:57
Took a small amount on that drop, results read well.
essentialinvestor
16/11/2023
07:44
"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:

edmonda
19/10/2023
14:07
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

kalai1
19/10/2023
07:39
"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:

edmonda
13/6/2023
09:08
"Forecasts exceeded in FY23, strong start to FY24"

Detailed new research report from Equity Development (with audio summary) here:

In FY23, Tatton (once again) grew much faster than peers. AUM was up 12% y-o-y excluding acquisitions (peer group median: 0%) to £12.7bn on 31 Mar 23 (31 Mar 22: £11.3bn). Assets Under Influence (AUI) reached £13.8bn (including 8AM Global: 50% stake acquired in Aug 22). In just over two months post year-end, AUI has grown another 3% to £14.3bn.

The bulk of growth in FY23 came from exceptionally strong net flows of +£1.8bn (FY22: +£1.3bn); 16% of opening AUM (FY22: 14%) compared to a peer group median of 4% (FY22: 6%). Tatton’s ability to attract and retain assets has been far above peers for some time now. It has clearly designed, and is delivering, an outstanding proposition to clients.

Tatton has exceeded our previous revenue and profitability forecasts for FY23 and we think its differentiated offering within a market sweet-spot (on-platform Model Portfolio Services growth rate: c25% p.a.) will fuel continued strong growth. We increase our FY24 forecasts: revenue from £35.0m to £35.9m; adjusted operating profit from £17.9m to £18.2m. Our fundamental valuation rises from 560p to 580p.

edmonda
13/6/2023
07:40
https://www.thebusinessdesk.com/northwest/news/2115927-tatton-asset-management-excels-and-vows-to-increase-market-share-further
qblaz3
18/4/2023
06:47
"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:

edmonda
16/1/2023
13:15
What commentators miss, is that Tatton occupies a difficult niche, which only is profitable with a huge weight of money ie very tight margins. Performance compared to the benchmark has been excellent. They deliver a lot of value. Long term, this business would fit well into a large asset manager or insurance company.
freedomexpress747
23/11/2022
19:00
Good presentation today I thought.
topvest
23/11/2022
07:25
"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:

edmonda
18/10/2022
13:35
hxxp://wealthoracle.co.uk/detailed-result-full/TAM/590
kalai1
18/10/2022
13:34
Tatton Asset Management plc provided an update on performance for the six months ended 30 September 2022. The Group performed well in the Period with continued growth in revenue and profits and strong net inflows in a difficult and volatile market. Total inflows in the Period were £0.907bn an increase of 39.1% compared to the same period last year (Sept 2021: £0.652bn). These strong organic net inflows were offset by a negative market performance of £0.905bn resulting in total AUM at the end of the Period being in line with the prior year end at £11.343bn (Mar 2022: £11.341bn). This is pretty solid performance given the ongoing bear markets in both equities and bonds...

...from WealthOracle

hxxps://wealthoracle.co.uk/detailed-result-full/TAM/590

kalai1
18/10/2022
06:52
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.

edmonda
27/9/2022
12:29
Tatton wins Best Investment Service by Moneyfacts, 6th year in a row they have been winning awards.Nothing more than they deserve, a great scaleable business, delivering enormous value, committed to passing on cost savings. Well done!
freedomexpress747
07/9/2022
16:21
Recession looming that's why brought to focus today by bank of england
johnthespacer
07/9/2022
13:54
7% fall in the price today. Anyone know why
1djinn
21/6/2022
19:39
Good presentation I thought.
topvest
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