Last checked at 1 Aug 2016 15:22
Hardman research: Tripedalism - three legs are better than two
Hardman & Co research report: Tripedalism - three legs are better than two
Arbuthnot Banking Group (ABG) now has three legs to its business, each offering good growth options. First, the Private Bank, Arbuthnot Latham (AL) has invested heavily in staff, products and new offices with the profit payback now visible. Secondly, ABG owns a 18.9% stake in Secure Trust Bank the rapidly growing challenger bank (market value £76m). Finally, we estimate ABG has c£150m of surplus capital. With surplus liquidity, it has the capacity for significant organic or inorganic growth. The options to deploy this capital are virtually limitless. Our capital fully deployed valuation basis is 55% above the current price.
Please click here for the full report:
http://hardmanandco.com/docs/default-source/company-docs/arbuthnot-banking-group-plc-documents/01-08-16-tripedalism-three-legs-are-better-than-two
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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.
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