Arbuthnot Banking Group PLC Hardman Research: History is repeating itself
March 28 2017 - 8:29AM
RNS Non-Regulatory
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Arbuthnot Banking Group PLC
28 March 2017
Hardman Research: History is repeating itself
History is repeating itself - Arbuthnot's strategy, and largely
the same management team, have delivered total shareholder returns
of 418% 2008-2017 and 930% 1997-2017 respectively. 2016 saw a new
phase in the execution of the strategy with the further partial
sale of Secure Trust shares releasing capital to be deployed in
other businesses. The initial stages of this deployment began
(property acquisition, loan book purchase, accelerated team hires,
asset finance deal, plus a 325p special dividend) but the full
deployment of capital will take some years. 2016 results were a
little ahead of our estimates but 2017 accelerated investment
leaves forecasts largely unchanged.
Please click here for the full report:
http://hardmanandco.com/docs/default-source/company-docs/arbuthnot-banking-group-plc-documents/28.03.17-history-is-repeating-itself.pdf
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