Numis Final Results 2018

Wednesday, Dec 05 2018 by

Numis (LON:NUM) Final results out this morning showing record revenues for the 3rd year in a row but reading on not sure what to make of the overall picture


Stockopedia has listed their EPS estimate at 19.8 so I suppose the 25.1 achieved is better than expected.

Dividend is maintained at 12p for the full year

CEO says:

"This has been a year of investment in people which, whilst impacting profitability, has strengthened our competitive position, expanded the range of services available to our clients and enhanced the overall quality of the Numis platform."

They had already said this in their previous results so the market priced in the reduced profit that they mentioned - and since the market didn't know hat that stage how much profit would be reduced by, the share price took quite a hit!

They have also closed their Asset management business which was basically a Numis selected Fund of companies and returned the money to the fund's investors.

Brexit and the current market turmoil leaves some of their Deals and IPOs etc a bit "unpredictable" so a resolution to Brexit or trade wars and some resulting stability would help here for sure...

My Opinion: 

I think the re rating for the dip in EPS has been fully priced in and these should now hold their current price.  I am not sure that I would by for the first time at this stage to see how their investments pan out but don't think I will sell for now either!

Disclosure: I am long Numis currently


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Numis Corporation PLC is a United Kingdom-based independent institutional stockbrokers and corporate advisors. The Company offers a range of research, execution, corporate broking and advisory services to companies quoted in the United Kingdom and its investors. The Company's services include research, sales and trading, investment companies, corporate finance, corporate broking, principle capital fund managers limited (PCFM), Numis indices and asset management. The investment company's research-driven approach focuses on specialist or differentiated mandates, including quoted equity, private equity, infrastructure, property, debt and other alternative assets. The corporate finance services include advice and transaction execution in relation to mergers and acquisitions, secondary equity issuance, convertible securities and bonds. The Company serves corporate clients and institutional clients. It is managed as an integrated corporate advisory and stockbroking business. more »

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2 Posts on this Thread show/hide all

Merlotman 5th Dec '18 1 of 2

I am long as well
I have only scanned the RNS so far but I agree that this is an earnings beat against broker estimates per your numbers. The increase in staff costs had been well flagged so there should be no surprise that op profits are down. However the increased YE cash balance is a bonus
I think the slightly negative market response today is in respect of the Curent Trading and Outlook statement which strikes a very cautious note for the year ahead
In my view although Numis (LON:NUM) will continue to be tied to the fortunes of the small / mid cap market I think they are a quality operator and wil outperform in the longer term

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InvestorJohn 6th Dec '18 2 of 2

In reply to post #424888

I can see that their stock report has been updated & downgraded since yesterdays results

Stock Rank has dropped to 58 and it has changed to passing no screens!

It was in 4 Screens before the results

One of the reasons I had bought originally as it had met nicely all of Jim Slaters Zulu principles like PE PEG etc

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