Sign In
Last checked at 
4 Apr 2018 11:15
Hardman & Co: 2017: capital deployed, adding value
2017: capital deployed, adding value: ABG has a long track record of adding value. The partial sale of its Secure Trust Bank (STB) in 2016 saw significant capital generated, and ABG is now deploying this surplus to generate returns. Despite heavy investment, profits nearly doubled, with loans and deposits up over a third. Credit remains outstanding, with the secured nature of lending seeing 2H'17 impairments of just £51k on a £1bn loan book. The outlook is for further strong profit growth, more investment, and greater diversification by business line and risk exposure. The shares trading below NAV appears an anomaly, given ABG's track record and earnings growth outlook.
http://hardmanandco.com/docs/default-source/company-docs/arbuthnot-banking-group-plc-documents/04.04.18-2017-capital-deployed-adding-value.pdf
To contact us: Hardman & Co 35 New Broad Street London EC2M 1NH | Analysts: Mark Thomas mt@hardmanandco.com Telephone: +44 20 7194 7622 Follow us on Twitter @HardmanandCo |
www.hardmanandco.com
About Hardman & Co: For the past 20 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.
Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259.
Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer.
Follow the stocks
