Reported Earnings • Aug 07
Second quarter 2026 earnings released: EPS: US$0.01 (vs US$0.40 in 2Q 2025) Second quarter 2026 results: EPS: US$0.01 (down from US$0.40 in 2Q 2025). Net income: US$2.20m (down 98% from 2Q 2025). Revenue is forecast to grow 107% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Announcement • Jul 28
Burford Capital Limited to Report Q2, 2026 Results on Aug 06, 2026 Burford Capital Limited announced that they will report Q2, 2026 results at 8:00 AM, Eastern Daylight on Aug 06, 2026 Upcoming Dividend • May 15
Upcoming dividend of US$0.063 per share Eligible shareholders must have bought the stock before 22 May 2026. Payment date: 12 June 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.2%). Reported Earnings • May 11
First quarter 2026 earnings released: US$7.46 loss per share (vs US$0.14 profit in 1Q 2025) First quarter 2026 results: US$7.46 loss per share (down from US$0.14 profit in 1Q 2025). Net loss: US$1.63b (down US$1.66b from profit in 1Q 2025). Revenue is forecast to grow 96% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Announcement • May 11
Burford Capital Limited Announces Executive Appointments Burford Capital announced the appointment of Travis Lenkner as Chief Operating Officer (COO). Currently serving as Burford's Chief Development Officer, Mr. Lenkner will continue to be based in London, and, as COO, will be responsible for execution and operating performance across the firm's business units. He will continue to oversee global business development and marketing, corporate development and enterprise initiatives focused on long-term growth, and will also join Burford's Commitments Committee. Mr. Lenkner has extensive experience across legal finance, complex litigation and the management of law-related businesses. He entered the legal finance market in 2013 as a launch partner of Gerchen Keller Capital, which became a leading private fund manager focused on litigation finance prior to its acquisition by Burford in 2016. Following that acquisition, he served as a Managing Director at Burford. Mr. Lenkner later co-founded and served as Managing Partner of a leading U.S. complex litigation law firm, where he was responsible for hiring, strategy and day-to-day management, before rejoining Burford in 2024. Earlier in his career, he served as in-house counsel at The Boeing Company, as a litigator at Gibson, Dunn & Crutcher LLP, and as a law clerk to Justice Anthony M. Kennedy of the Supreme Court of the United States and to then-Judge Brett M. Kavanaugh of the U.S. Court of Appeals for the D.C. Circuit. In addition to Mr. Lenkner's appointment, Burford has promoted Carrie Tendler to Managing Director and Head of its Asset Recovery team. Ms. Tendler joined Burford in 2024 as Special Counsel focused on enforcing judgments in Burford-backed matters. Prior to joining the firm, she was a partner at Kobre & Kim and, earlier, practiced at Cravath, Swaine & Moore LLP, representing institutional clients in civil and regulatory matters. Ms. Tendler clerked for the Honorable Paul J. Kelly, Jr. of the U.S. Court of Appeals for the Tenth Circuit. Announcement • May 05
Burford Capital Limited to Report Q1, 2026 Results on May 08, 2026 Burford Capital Limited announced that they will report Q1, 2026 results at 7:00 AM, Eastern Daylight on May 08, 2026 Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 42% After last week's 42% share price decline to €3.84, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Diversified Financial industry in Germany. Total loss to shareholders of 39% over the past three years. Announcement • Mar 12
Burford Capital Limited, Annual General Meeting, May 13, 2026 Burford Capital Limited, Annual General Meeting, May 13, 2026. Location: oak house, hirzel street, guernsey gy1 2np, st. peter port, United States Declared Dividend • Mar 02
Final dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 21st May 2026 Payment date: 12th June 2026 Dividend yield will be 1.6%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 159% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: US$0.29 (vs US$0.67 in FY 2024) Full year 2025 results: EPS: US$0.29 (down from US$0.67 in FY 2024). Revenue: US$413.4m (down 26% from FY 2024). Net income: US$62.6m (down 57% from FY 2024). Profit margin: 15% (down from 26% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Feb 27
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (15% net profit margin). Significant insider selling over the past 3 months (€4.0m sold). Announcement • Feb 26
Burford Capital Limited Proposes Final Dividend for the Year Ended December 31, 2025, Payable on June 12, 2026 On February 25, 2026, Burford's board of directors declared a final dividend for the year ended December 31, 2025 of $0.0625 per ordinary share to be paid, subject to shareholder approval at the 2026 annual general meeting, on June 12, 2026 to shareholders of record on May 22, 2026. Announcement • Feb 10
Burford Capital Limited to Report Q4, 2025 Results on Feb 26, 2026 Burford Capital Limited announced that they will report Q4, 2025 results at 8:00 AM, US Eastern Standard Time on Feb 26, 2026 Announcement • Jan 23
Burford Capital Ltd Appoints Elizabeth J. Shin as Senior Vice President and Head of Korea Burford Capital Ltd. has appointed Elizabeth J. Shin as senior vice president and head of Korea, marking its first senior hire in the country. Shin will be based in Seoul and lead the firm's initiatives in Korea. Shin previously served as a partner in the International Arbitration Team and Global Disputes Group at Lee & Ko. Her practice spanned multiple sectors, including intellectual property, construction, energy, shipping, automotive and shareholder disputes, and she has represented clients in international arbitrations under major institutional rules. She is also admitted to the New York State Bar. New Risk • Nov 06
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 19% Last year net profit margin: 35% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Shares are highly illiquid. Minor Risks Profit margins are more than 30% lower than last year (19% net profit margin). Significant insider selling over the past 3 months (€32m sold). Reported Earnings • Nov 06
Third quarter 2025 earnings released: US$0.087 loss per share (vs US$0.62 profit in 3Q 2024) Third quarter 2025 results: US$0.087 loss per share (down from US$0.62 profit in 3Q 2024). Revenue: US$64.7m (down 74% from 3Q 2024). Net loss: US$19.2m (down 114% from profit in 3Q 2024). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €8.28, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Diversified Financial industry in Germany. Total returns to shareholders of 6.1% over the past three years. Upcoming Dividend • Oct 24
Upcoming dividend of US$0.063 per share Eligible shareholders must have bought the stock before 31 October 2025. Payment date: 04 December 2025. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (3.5%). Announcement • Oct 23
Burford Capital Limited to Report Q3, 2025 Results on Nov 05, 2025 Burford Capital Limited announced that they will report Q3, 2025 results at 8:00 AM, US Eastern Standard Time on Nov 05, 2025 Declared Dividend • Oct 01
First half dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 30th October 2025 Payment date: 4th December 2025 Dividend yield will be 1.1%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is well covered by both earnings (11% earnings payout ratio) and cash flows (8% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 99% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Sep 30
Burford Capital Limited Declares Interim Dividend, Payable on December 4, 2025 Burford Capital Limited announced that its board of directors (the "Board") at a meeting held on September 26, 2025 approved and declared an interim dividend of 6.25 US cents per ordinary share for the year ending December 31, 2025. The interim dividend is expected to be paid on December 4, 2025 to holders of Burford's ordinary shares on the register of shareholders at the close of business on October 31, 2025. The Board anticipates continuing to pay a total annual dividend of 12.50 US cents per ordinary share, payable semi-annually, but does not anticipate regular increases in Burford's dividend per ordinary share level. The Board may review Burford's dividend per ordinary share level from time to time. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: US$0.40 (vs US$0.24 in 2Q 2024) Second quarter 2025 results: EPS: US$0.40 (up from US$0.24 in 2Q 2024). Revenue: US$191.3m (up 21% from 2Q 2024). Net income: US$88.3m (up 64% from 2Q 2024). Profit margin: 46% (up from 34% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Diversified Financial industry in Germany. New Risk • Aug 08
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Shares are highly illiquid. Minor Risk Significant insider selling over the past 3 months (€2.6m sold). Announcement • Jul 24
Burford Capital Limited to Report Q2, 2025 Results on Aug 07, 2025 Burford Capital Limited announced that they will report Q2, 2025 results at 8:00 AM, Eastern Daylight on Aug 07, 2025 Recent Insider Transactions • Jul 13
Co-Founder recently sold €2.6m worth of stock On the 9th of July, Christopher Bogart sold around 210k shares on-market at roughly €12.47 per share. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Christopher's only on-market trade for the last 12 months. Announcement • Jun 06
Burford Capital Limited (NYSE:BUR) commences an Equity Buyback Plan for 21,942,190 shares, representing 10% of its issued share capital, under the authorization approved on May 14, 2025. Burford Capital Limited (NYSE:BUR) commences share repurchases on June 5, 2025, under the program mandated by the shareholders in the Annual General Meeting held on May 14, 2025. As per the mandate, the company is authorized to repurchase up to 21,942,190 shares, representing 10% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.01 pence and the maximum price which may be paid for each ordinary share is the higher of an amount equal to 105% of the average of the middle market quotations for an ordinary share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately preceding the day on which the ordinary share is purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. Any shares purchased under this authority may either be cancelled or held as treasury shares, sold for cash or used to satisfy any grants, awards and/or options issued to the company’s employees pursuant to the employees’ share schemes. The authority shall expire at the earliest of the conclusion of the next Annual General Meeting, or on August 13, 2026, whichever is earlier. As of March 17, 2025, the company had 219,421,904 ordinary shares in issue and no shares in treasury. Announcement • May 16
Burford Capital Limited Approves Final Dividend, Payable on June 13, 2025 Burford Capital Limited announced at its annual general meeting of shareholders held on May 14, 2025 approved final dividend of 6.25 US cents per ordinary share, no par value ("Ordinary Share"), to be paid on June 13, 2025 to all ordinary shareholders on the register of shareholders of the Company at the close of business on May 23, 2025. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: US$0.14 (vs US$0.14 loss in 1Q 2024) First quarter 2025 results: EPS: US$0.14 (up from US$0.14 loss in 1Q 2024). Revenue: US$118.9m (up US$114.5m from 1Q 2024). Net income: US$30.9m (up US$60.9m from 1Q 2024). Profit margin: 26% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 30
Final dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 23rd May 2025 Payment date: 13th June 2025 Dividend yield will be 1.1%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 110% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 30
Burford Capital Limited to Report Q1, 2025 Results on May 07, 2025 Burford Capital Limited announced that they will report Q1, 2025 results at 8:00 AM, US Eastern Standard Time on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €11.99, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Diversified Financial industry in Germany. Total returns to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.25 per share. Announcement • Apr 04
Burford Capital Limited Proposes Final Dividend, Payable on June 13, 2025 Burford Capital Limited proposed to declare a final dividend of 6.25¢ (United States cents) per ordinary share recommended by the Board of Directors and to pay such final dividend on June 13, 2025 to all ordinary shareholders on the register of shareholders of the Company at the close of business on May 23, 2025. Declared Dividend • Apr 03
Final dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 23rd May 2025 Payment date: 13th June 2025 Dividend yield will be 1.1%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 110% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 14
Burford Capital Limited, Annual General Meeting, May 14, 2025 Burford Capital Limited, Annual General Meeting, May 14, 2025. Location: oak house, hirzel street, st. peter port, guernsey gy1 2np, guernsey United Kingdom Declared Dividend • Mar 06
Final dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 22nd May 2025 Payment date: 13th June 2025 Dividend yield will be 0.8%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 110% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: US$0.66 (vs US$2.79 in FY 2023) Full year 2024 results: EPS: US$0.66 (down from US$2.79 in FY 2023). Revenue: US$546.1m (down 49% from FY 2023). Net income: US$146.5m (down 76% from FY 2023). Profit margin: 27% (down from 57% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Diversified Financial industry in Germany. Announcement • Feb 25
Burford Capital Limited to Report Q4, 2024 Results on Mar 03, 2025 Burford Capital Limited announced that they will report Q4, 2024 results at 7:00 AM, US Eastern Standard Time on Mar 03, 2025 Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: US$0.62 (vs US$1.25 in 3Q 2023) Third quarter 2024 results: EPS: US$0.62 (down from US$1.25 in 3Q 2023). Net income: US$135.6m (down 50% from 3Q 2023). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Oct 28
Burford Capital Limited to Report Q3, 2024 Results on Nov 07, 2024 Burford Capital Limited announced that they will report Q3, 2024 results at 7:00 AM, US Eastern Standard Time on Nov 07, 2024 Announcement • Sep 16
Burford Capital Appoints Travis Lenkner as Chief Development Officer Burford Capital announced that Travis Lenkner has rejoined the company as a member of its Management Committee in the newly created role of Chief Development Officer. Based in London, Mr. Lenkner is focused on Burford's future and its ongoing transformation of the legal industry. His responsibilities involve identifying and executing strategic initiatives that drive growth and align with the company's long-term objectives, and his areas of focus include law firm equity investments, the alternative delivery of legal services to corporate and individual clients, and legal tech, including AI. Mr. Lenkner is a longtime global leader in the legal finance market, including as a launch partner of Gerchen Keller Capital, which Burford acquired in 2016. More recently, he co-founded and was Managing Partner of Keller Lenkner LLC; he also co-founded and was a Director of the firm's European counterpart. In addition, he was Senior Counsel at The Boeing Company and a litigation and appellate attorney at Gibson, Dunn & Crutcher LLP. Mr. Lenkner was also a clerk for Justice Anthony M. Kennedy at the Supreme Court of the United States. Declared Dividend • Sep 05
First half dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 31st October 2024 Payment date: 5th December 2024 Dividend yield will be 1.0%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by earnings (7% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 08
Burford Capital Limited Declares Interim Dividend, Payable on December 5, 2024 Burford Capital Limited declared interim dividend of 6.25 cents per ordinary share payable on December 5, 2024 to shareholders of record on November 1, 2024. Announcement • Jul 31
Burford Capital Limited to Report Q2, 2024 Results on Aug 08, 2024 Burford Capital Limited announced that they will report Q2, 2024 results at 7:00 AM, Eastern Daylight on Aug 08, 2024 Announcement • May 22
Burford Capital Limited Approves Final Cash Dividend, Payable on June 14, 2024 Burford Capital Limited announced that all of the resolutions proposed at its annual general meeting held on May 15, 2024 were approved by shareholders, including, among others, the approval of a final dividend of 6.25¢ (United States cents) per ordinary share to be paid on June 14, 2024 to all ordinary shareholders on the register of members at the close of business on May 24, 2024. Reported Earnings • May 13
First quarter 2024 earnings released: US$0.14 loss per share (vs US$1.19 profit in 1Q 2023) First quarter 2024 results: US$0.14 loss per share (down from US$1.19 profit in 1Q 2023). Net loss: US$29.9m (down 112% from profit in 1Q 2023). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • May 10
Burford Capital Limited to Report Q1, 2024 Results on May 13, 2024 Burford Capital Limited announced that they will report Q1, 2024 results at 7:00 AM, Eastern Daylight on May 13, 2024 Declared Dividend • May 09
Final dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 23rd May 2024 Payment date: 14th June 2024 Dividend yield will be 0.8%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by earnings (4% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 27% over the next 3 years. However, it would need to fall by 95% to increase the payout ratio to a potentially unsustainable range. Announcement • Apr 11
Burford Capital Limited, Annual General Meeting, May 15, 2024 Burford Capital Limited, Annual General Meeting, May 15, 2024, at 08:00 Coordinated Universal Time. Location: Oak House, Hirzel Street St. Peter Port Guernsey Agenda: To re-elect Rukia Baruti as a director of the company; to re-elect Christopher Bogart as a director of the company; to re-elect Pamela Corrie as a director of the company; to re-appoint Ernst & Young LLP of St. Julian's Avenue, St. Peter Port, Guernsey GY1 2HH as the company’s external auditor until the close of the next general meeting of the company at which accounts are laid; and to consider and approve other matters of business. Declared Dividend • Mar 17
Final dividend of US$0.063 announced Shareholders will receive a dividend of US$0.063. Ex-date: 23rd May 2024 Payment date: 14th June 2024 Dividend yield will be 0.9%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by earnings (7% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 46% over the next 3 years. However, it would need to fall by 92% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: US$2.79 (vs US$0.14 in FY 2022) Full year 2023 results: EPS: US$2.79 (up from US$0.14 in FY 2022). Revenue: US$1.09b (up 234% from FY 2022). Net income: US$718.2m (up US$687.7m from FY 2022). Profit margin: 66% (up from 9.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 20% p.a. on average during the next 2 years, while revenues in the Diversified Financial industry in Germany are expected to grow by 13%. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Burford Capital Limited Proposes Dividend Burford Capital Limited has proposed dividend of 6.25 per ordinary share payable, subject to shareholder approval at the annual general meeting to be held in may 2024, on June 14, 2024 to shareholders of record on may 24, 2024, with an ex-dividend date of may 23, 2024. Announcement • Mar 08
Burford Capital Limited to Report Fiscal Year 2023 Results on Mar 14, 2024 Burford Capital Limited announced that they will report fiscal year 2023 results at 7:00 AM, Eastern Daylight on Mar 14, 2024 Announcement • Jan 18
Burford Capital Limited Appoints Pamela Beth Corrie as an Independent Non-Executive Director Burford Capital Limited announced the appointment of Pamela Beth Corrie as an independent non-executive director. Ms. Corrie (66) has significant experience at the nexus of finance and law. She is a seasoned Board director with insight garnered from involvement with a number of growth companies operating at varying stages of development. In addition, she brings expertise in providing oversight of and advisory services on the design and execution of corporate change programs as both an independent director and counsel. For 12 years, Ms. Corrie was a General Counsel at GE Capital, where she served as the chief legal advisor to the risk organization in the corporate leasing and lending division and oversaw hundreds of restructurings, corporate ombudsman investigations, bankruptcies and litigations. Ms. Corrie previously spent ten years practicing law at Weil, Gotshal & Manges, where she represented large corporate debtors in Chapter 11 proceedings as well as clients in all phases of restructuring, bankruptcy counseling and litigation. More recently, Ms. Corrie was a Managing Director in the Financial Advisory division of Carl Marks Advisors focused on restructuring matters. She has a bachelor's degree from Stanford University and earned her JD from the University of California, Los Angeles. The board of directors of Burford Capital Limited has determined that Ms. Corrie meets the requirements for independence under the applicable rules and regulations of the US Securities and Exchange Commission and the listing standards of the New York Stock Exchange. Ms. Corrie will serve as a member of the Audit Committee and the Nominating and Governance Committee. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €13.62, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Diversified Financial industry in Germany. Total returns to shareholders of 81% over the past three years. Announcement • Nov 17
Burford Capital Limited Announces Declares Interim Dividend for the Year Ending December 31, 2023, Payable on December 7, 2023 Burford Capital Limited announced the pound sterling conversion rate for its previously declared interim dividend for the year ending December 31, 2023 of 6.25 US cents per ordinary share to be paid on December 7, 2023 to shareholders of record as of November 10, 2023. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: US$1.25 (vs US$0.12 in 3Q 2022) Third quarter 2023 results: EPS: US$1.25 (up from US$0.12 in 3Q 2022). Revenue: US$368.9m (up 246% from 3Q 2022). Net income: US$272.5m (up US$246.5m from 3Q 2022). Profit margin: 74% (up from 24% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 7.3% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Germany are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Nov 03
Burford Capital Limited to Report Q3, 2023 Results on Nov 09, 2023 Burford Capital Limited announced that they will report Q3, 2023 results at 7:00 AM, Eastern Standard Time on Nov 09, 2023 Upcoming Dividend • Nov 02
Upcoming dividend of US$0.063 per share at 1.0% yield Eligible shareholders must have bought the stock before 09 November 2023. Payment date: 07 December 2023. Payout ratio is a comfortable 10% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (6.5%). Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €11.66, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Diversified Financial industry in Germany. Total returns to shareholders of 70% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.62 per share. Announcement • Sep 21
Burford Capital Limited (AIM:BUR) commences an Equity Buyback Plan for 21,895,721 shares, representing 10% of its issued share capital, under the authorization approved on July 5, 2023. Burford Capital Limited (AIM:BUR) commences share repurchases on September 20, 2023, under the program mandated by the shareholders in the Annual General Meeting held on July 5, 2023. As per the mandate, the company is authorized to repurchase up to 21,895,721 shares, representing 10% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.01 pence and the maximum price which may be paid for each ordinary share is the higher of an amount equal to 105% of the average of the middle market quotations for an ordinary share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately preceding the day on which the ordinary share is purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. Any shares purchased under this authority may either be cancelled or held as treasury shares, sold for cash or used to satisfy any grants, awards and/or options issued to the company’s employees pursuant to the employees’ share schemes. The authority shall expire at the earliest of the conclusion of the next Annual General Meeting, or on November 16, 2024, whichever is earlier. As of May 30, 2023, the company had 218,957,218 ordinary shares in issue and no shares in treasury.
On September 19, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to £4.0 million worth of its shares. Reported Earnings • Sep 14
Second quarter 2023 earnings released: US$0.098 loss per share (vs US$0.23 loss in 2Q 2022) Second quarter 2023 results: US$0.098 loss per share (improved from US$0.23 loss in 2Q 2022). Revenue: US$44.6m (down 6.2% from 2Q 2022). Net loss: US$21.5m (loss narrowed 56% from 2Q 2022). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Diversified Financial industry in Germany. Announcement • Sep 14
Burford Capital Limited Declares an Interim Dividend, Payable on December 7, 2023 On September 8, 2023, Burford Capital Limited’s board of directors declared an interim dividend of 6.25 cents per ordinary share, payable on December 7, 2023 to shareholders of record on November 10, 2023, with an ex-dividend date of November 9, 2023. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €15.94, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Diversified Financial industry in Europe. Total returns to shareholders of 74% over the past year. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €12.86, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Diversified Financial industry in Germany. Announcement • Jul 14
Burford Capital Limited Announces Succession Plan for Its Board of Directors Burford Capital Limited provided an update on the implementation of the succession plan for its board of directors, a new policy on tenure for non-executive directors and expected future roles of non-executive directors on the Board and the committees of the Board. For the past several years, Burford has implemented, often ahead of its own schedule, the Board strategic plan to which it initially committed on August 15, 2019 and further detailed on February 27, 2020 and in subsequent announcements. That plan included the phased rotation of the entire membership of the Board. With three of Burford's four founding non-executive directors now retired and with Chairman Hugh Steven Wilson retiring at the 2024 AGM, Burford has delivered the plan it laid out for an orderly rotation of the Board. Looking ahead, Burford sets forth the expected plan for the future of the Board. At the 2024 AGM: Hugh Steven Wilson will retire as Chairman and a non-executive director John Sievwright, a director since 2020, is expected to become Chairman and to serve in that role until the 2027 AGM, at which time he will retire from the Board Christopher Halmy, a director since 2022, is expected to become Vice Chairman and to serve in that role until the 2027 AGM, at which time he is expected to become Chairman A policy will be introduced requiring directors to retire at the AGM immediately following their 72ndbirthday Board committee chairs: Mr. Halmy, who became chair of the audit committee following the 2023 AGM, is expected to continue to serve in that role until the 2027 AGM, at which time he will leave the audit committee to take on the role of Chairman Mr. Sievwright is expected to continue to serve as chair of the compensation committee until the 2027 AGM, at which time Mr. Halmy is expected to assume that role Robert Gillespie, a director since 2020, is expected to become chair of the nominating and governance committee following Mr. Wilson's retirement from the Board at the 2024 AGM and, following Mr. Gillespie's retirement from the Board at the 2027 AGM, Rukia Baruti, a director since 2022, is expected to assume that role. Announcement • Jun 27
Burford Capital Limited to Report Q2, 2023 Results on Sep 13, 2023 Burford Capital Limited announced that they will report Q2, 2023 results at 7:00 AM, Eastern Daylight on Sep 13, 2023 Announcement • Jun 09
Burford Capital Limited to Report Q1, 2023 Results on Jun 13, 2023 Burford Capital Limited announced that they will report Q1, 2023 results at 7:00 AM, Eastern Daylight on Jun 13, 2023 Announcement • Jun 07
Burford Capital Limited, Annual General Meeting, Jul 05, 2023 Burford Capital Limited, Annual General Meeting, Jul 05, 2023, at 15:30 Coordinated Universal Time. Location: Oak House, Hirzel Street, St. Peter Port, Gurernsey United Kingdom Agenda: To consider that the accounts of the Company for the year ended December 31, 2022 and the report of the directors and the external auditor thereon be received; to consider that, following his retirement in accordance with the articles of incorporation of the Company (the Articles") with effect from the close of the Meeting, Hugh Steven Wilson be re-elected as a director of the Company in accordance with article 21.6 of the Articles; to consider That, following her retirement in accordance with the Articles with effect from the close of the Meeting, Rukia Baruti be re-elected as a director of the Company in accordance with article 21.6 of the Articles; to consider that, following his retirement in accordance with the Articles with effect from the close of the Meeting, Christopher Bogart be re-elected as a director of the Company in accordance with article 21.6 of the Articles; and to consider other matters. Upcoming Dividend • May 18
Upcoming dividend of US$0.063 per share at 0.9% yield Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 16 June 2023. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.7%). Reported Earnings • May 17
Full year 2022 earnings released: EPS: US$0.14 (vs US$0.33 loss in FY 2021) Full year 2022 results: EPS: US$0.14 (up from US$0.33 loss in FY 2021). Revenue: US$319.2m (up 104% from FY 2021). Net income: US$30.5m (up US$102.6m from FY 2021). Profit margin: 9.6% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Diversified Financial industry in Germany. Announcement • May 12
Burford Capital Limited Announces Executive Changes Burford Capital Limited announces that it has expanded its European footprint while also continuing to add leading legal talent to its global operation. Changes to Burford's European operation include: Burford veterans Michael Redman and Daniel Hall now serve as co-heads of EMEA: Mr. Redman leads Burford's London office, and as previously announced, Mr. Hall leads Burford's new office in Dubai. Philipp Leibfried has taken on the role of Head of Europe and will continue to implement Burford's European growth strategy, actively engaging with law firms and companies across continental Europe. Swiss-based Dr. Jörn Eschment has been promoted to Director and will continue to lead Burford's business in the DACH region of Germany, Austria, Switzerland and Liechtenstein. Dr. Luca Weskott has joined Burford as a Vice President based in Frankfurt, Germany, and will originate and manage investments in the DACH region. He joins Burford from leading German law firm Hengeler Mueller's Dispute Resolution practice. Experienced leaders join as Treasurer and Chief Compliance Officer: Juan Jimenez, CFA, is Treasurer, based in New York, with responsibility for overseeing all activities and risks related to liquidity and cash management, funding, currency and interest rates, as well as managing relationships with rating agencies. Mr. Jimenez most recently worked as Director of Corporate Treasury at Colgate-Palmolive. Monika Singh, IACCP®, is Chief Compliance Officer, based in Chicago, responsible for overseeing and managing Burford's compliance with all applicable regulatory, internal policy and procedural requirements. Ms. Singh has over a decade of experience in compliance management. Prior to joining Burford, Ms. Singh was Chief Compliance Officer at 50 South Capital Advisors. Additional growth of Burford's industry-leading investment team: Christopher Dore is a Director in Chicago with responsibility for overseeing Burford's underwriting of and investment activity in nationwide consolidated litigation and other complex commercial matters. Mr. Dore was previously Partner-in-Charge of case development, investigations and client acquisition at Edelson PC. Charles Griffin is a Vice President in New York responsible for evaluating and executing new investment opportunities and overseeing investments in Burford's portfolio. Prior to joining Burford, Mr. Griffin was a litigator at Wachtell, Lipton, Rosen & Katz. Victoria Fox is a Vice President in London focused on commercial litigation, asset recovery and enforcement. Prior to joining Burford, Ms. Fox was a litigator at Stephenson Harwood. Charlie Rooke is a Vice President in London with a focus on complex commercial and competition litigation matters in the UK and Europe. Mr. Rooke was previously a Senior Counsel at the Royal Bank of Canada. Business origination team adds top industry experts: Patrick Dempsey is a Director in New York responsible for originating new business with US law firms and companies. Mr. Dempsey was previously the US Chief Investment Officer and a Board Member at Therium Capital Management. Jonathan Owenis a Vice President in California with responsibility for originating new business with US law firms and companies. Prior to joining Burford, Mr. Owen was a Funding Director at Law Finance Group. Board Change • Feb 07
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Rukia Baruti was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 24
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Rukia Baruti was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 31
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Rukia Baruti was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 07
Burford Capital Limited Appoints Jordan Licht as Chief Financial Officer Burford Capital Limited announces that Jordan Licht has been appointed as its Chief Financial Officer. Mr. Licht was previously the Chief Operating Officer of both Caliber Home Loans and Newrez LLC, which recently combined under the Rithm banner to form a top five non-bank residential mortgage origination and servicing business. Prior to the combination he held a series of senior finance and operating roles at Caliber, including Deputy Chief Financial Officer, and ran various initiatives including the dual-track IPO and M&A process that led to the acquisition by Rithm, a financial recapitalization and significant cost reductions. Prior to Caliber, he spent a decade at Morgan Stanley in financial services investment banking. Before his investment banking career, Mr. Licht spent six years as a management consultant at Diamond Consulting (now PricewaterhouseCoopers). He has an MBA from Columbia Business School and an undergraduate degree from University of Pennsylvania. Mr. Licht is also a non-executive director of United Texas Bank. Board Change • Aug 30
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Rukia Baruti was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 28
Burford Capital Limited to Report Q2, 2022 Results on Aug 09, 2022 Burford Capital Limited announced that they will report Q2, 2022 results at 7:00 AM, US Eastern Standard Time on Aug 09, 2022 Board Change • Jun 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Chris Halmy was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 19
Upcoming dividend of US$0.063 per share Eligible shareholders must have bought the stock before 26 May 2022. Payment date: 17 June 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (2.6%). Announcement • Mar 31
Burford Capital Limited, Annual General Meeting, May 18, 2022 Burford Capital Limited, Annual General Meeting, May 18, 2022. Agenda: To consider a final 2021 dividend of 6.25¢ per share payable on June 17, 2022 to shareholders of record on May 27, 2022, with an ex-dividend date of May 26, 2022. Reported Earnings • Mar 30
Full year 2021 earnings released: US$0.33 loss per share (vs US$0.78 profit in FY 2020) Full year 2021 results: US$0.33 loss per share (down from US$0.78 profit in FY 2020). Revenue: US$152.2m (down 56% from FY 2020). Net loss: US$56.4m (down 133% from profit in FY 2020). Over the next year, revenue is forecast to grow 159%, compared to a 12% growth forecast for the industry in Germany. Announcement • Mar 30
Burford Capital Limited Declares Final Dividend for 2021, Payable on June 17, 2022 Burford Capital Limited declared final 2021 dividend of 6.25 cents per share payable on June 17, 2022, subject to shareholder approval at the annual general meeting to be held on May 18, 2022, to shareholders of record on May 27, 2022, with an ex-dividend date of May 26, 2022; total annual dividend of 12.5 cents per share. Announcement • Mar 06
Burford Capital Limited to Report Fiscal Year 2021 Results on Mar 29, 2022 Burford Capital Limited announced that they will report fiscal year 2021 results at 1:00 PM, Central European Standard Time on Mar 29, 2022 Board Change • Sep 28
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. Independent Non-Executive Director Charles Kennedy Parkinson is the most experienced director on the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 
