Arbuthnot Banking Group PLC Hardman Research: Value added strategy in results
July 27 2017 - 06:35AM
RNS Non-Regulatory
TIDMARBB
Arbuthnot Banking Group PLC
27 July 2017
Hardman Research: Value added strategy in results
H117 results delivering the value added strategy: H117 saw
Arbuthnot delivering on its promises with strong franchise, revenue
and underlying profit growth. H217/2018 promises more of the same
with the full benefit of franchise growth seen over the past twelve
months (loans +34% to GBP879m, deposits +31% to GBP1,229m and
assets undermanagement +26% to GBP1,001m). ABG has surplus
liquidity and capital (cGBP90m) giving it flexibility to exploit
opportunities in uncertain economic times. Management risk appetite
remains conservative. From a small base, it can grow strongly and
with good credit quality. The shares trade at 0.9x NAV despite the
long track record of adding value - with this history, we would
expect them to trade at a premium to NAV.
Please click here for the full report:
http://hardmanandco.com/docs/default-source/company-docs/arbuthnot-banking-group-plc-documents/27.07.17-strong-profitable-growth-not-shown-in-share-price.pdf
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Hardman & Co Mark Thomas mt@hardmanandco.com
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