Reported Earnings • Mar 06
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: UK£0.015 loss per share (improved from UK£0.091 loss in FY 2023). Revenue: UK£13.8m (down 7.6% from FY 2023). Net loss: UK£2.13m (loss narrowed 83% from FY 2023). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 46%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 37% per year, which means it has not declined as severely as earnings. Price Target Changed • Feb 27
Price target decreased by 9.7% to UK£0.54 Down from UK£0.60, the current price target is an average from 3 analysts. New target price is 59% above last closing price of UK£0.34. Stock is down 8.1% over the past year. The company is forecast to post a net loss per share of UK£0.032 next year compared to a net loss per share of UK£0.091 last year. New Risk • Jan 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Market cap is less than US$100m (UK£43.2m market cap, or US$52.6m). Major Estimate Revision • Jul 06
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -UK£0.027 to -UK£0.032 per share. Revenue forecast unchanged at UK£14.1m. Capital Markets industry in the United Kingdom expected to see average net income growth of 23% next year. Consensus price target broadly unchanged at UK£0.60. Share price rose 11% to UK£0.34 over the past week. Reported Earnings • Jun 30
First half 2024 earnings released: UK£0.017 loss per share (vs UK£0.04 loss in 1H 2023) First half 2024 results: UK£0.017 loss per share (improved from UK£0.04 loss in 1H 2023). Revenue: UK£6.93m (down 2.8% from 1H 2023). Net loss: UK£2.46m (loss narrowed 56% from 1H 2023). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Board Change • Jun 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Senior Independent Non-Executive Director John Sherlock Dawson was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 17
AssetCo plc Announces Retirement of Peter McKellar as Deputy Chairman and Director, Effective April 30, 2023 AssetCo plc announced that Peter McKellar has confirmed his intention to retire as Deputy Chairman of the company, enabling him to concentrate on his non-executive roles at various other listed companies. Peter will retire as a Director of the company with effect from 30 April 2024 by which time the Group expects to have exited its Infrastructure business. Announcement • Mar 19
AssetCo plc, Annual General Meeting, Apr 24, 2024 AssetCo plc, Annual General Meeting, Apr 24, 2024, at 09:00 Coordinated Universal Time. Announcement • Sep 21
ARK Investment Management LLC acquired 68% stake in Rize Etf Limited from AssetCo plc (AIM:ASTO). ARK Investment Management LLC acquired 68% stake in Rize Etf Limited from AssetCo plc (AIM:ASTO) on September 19, 2023. The existing name and brand of Rize ETF will be phased out, and the platform will transition into "ARK Invest Europe", which will be a division of ARK Invest Limited. ARK Invest Europe will serve as the hub for ARK's expansion into the Europe, the UK and new markets globally. Under the new ARK Invest Europe platform, existing Rize ETF index products will remain available. ARK Invest Europe will continue to uphold the high standards of investment research, portfolio management, and client service for which ARK is known, all while tapping into Rize ETF's deep expertise covering the full lifecycle of ETFs beginning with product strategy and index development, legal and regulatory, tax, portfolio management and operations, capital markets, research and marketing & distribution. As part of this agreement, ARK and AssetCo will partner to support the launch, on the newly established ARK Invest Europe platform, of several ETF products for the River and Mercantile business, AssetCo's active equity asset management subsidiary.
ARK Investment Management LLC completed the acquisition of 68% stake in Rize Etf Limited from AssetCo plc (AIM:ASTO) on September 19, 2023. Announcement • Jun 21
AssetCo plc Announces Executive Changes The board of AssetCo plc announced that Campbell Fleming has decided to step down as chief executive officer after overseeing the formation of the company, completing a series of acquisitions and guiding their integration. Campbell is leaving for personal reasons and his last day with the company will be 30 June 2023. Consistent with the holding company nature of AssetCo's business, the company will not be replacing Campbell directly. Martin Gilbert and Gary Marshall will instead assume his principal responsibilities, with Martin as Executive Chairman being responsible for the overall strategic direction of the Group and Gary overseeing day-to-day operations as CFOO. Alex Hoctor-Duncan, CEO of AssetCo's principal operating company, River and Mercantile, is already taking on additional responsibilities as the Group's active equities businesses integrate under that brand (as previously announced). This process is expected to continue as the Group moves towards delivering on its growth plans. Announcement • Aug 06
AssetCo plc (AIM:ASTO) completed the acquisition of Revera Asset Management Limited. AssetCo plc (AIM:ASTO) agreed to acquire Revera Asset Management Limited for £2.8 million on February 28, 2022. The Consideration will be satisfied by the issue of 0.054639 million new ordinary shares of 10p each in the Company, fully paid and £1.9 million in cash, in each case to be paid on completion. Following completion of the Acquisition, Revera will work alongside Saracen Fund Managers Limited, another Edinburgh based asset manager, acquired by the Company in July 2021. Peter McKellar and Gary Collins, Deputy Chairman and Head of Distribution respectively of AssetCo, will join the board of Revera on completion. The Acquisition is conditional on, inter alia, approval by the FCA, which is expected to occur by the end of May 2022. The Company will provide further updates as appropriate. Arden Partners plc (AIM:ARDN) served as a financial advisor to AssetCo plc.
AssetCo plc (AIM:ASTO) completed the acquisition of Revera Asset Management Limited on August 5, 2022. The total consideration was £1.1 million which was payable entirely in cash. Prior to Completion, Revera had notified AssetCo that there will be a decline in its Assets under Management resulting from a change in a client's circumstances outside its control. Following these changes it is anticipated that Revera's two funds, SVS Revera UK Dynamic Fund and the Skye Trust, will have approximately £50 million in aggregate in Assets under Management. In the light of the above AssetCo and the vendors of Revera agreed to reduce the consideration payable under the terms of the Acquisition. Charles Leigh-Pemberton and Atholl Tweedie of Panmure Gordon (UK) Limited acted as broker to AssetCo plc. Neil Bennett and Rachel Cohen of The Maitland Consultancy Limited provided consultancy services to AssetCo plc. Giles Rolls and Charles Farquhar of Numis Corporation Plc (AIM:NUM) acted as broker and financial advisor to AssetCo plc. Announcement • Jul 02
AssetCo plc Announces Company Secretary Changes AssetCo announce that Sally Buckmaster has been appointed as Company Secretary on 1 July 2022. Stephen Murphy steps down as Company Secretary and continues as the Company's Financial Controller. The Board wishes to thank Stephen for his wise counsel and service as Company Secretary. Announcement • Jun 22
AssetCo plc (AIM:ASTO) agreed to acquire SVM Asset Management Limited for £10.7 million. AssetCo plc (AIM:ASTO) agreed to acquire SVM Asset Management Limited for £10.7 million on June 21, 2022. As per consideration terms, £9 million to be issued in the form of convertible loan notes in AssetCo and about GBP 1.7 million in cash, subject to balance sheet adjustments. The transaction is subject to regulatory approval. As of year ended 2021, SVM Asset Management Limited reported revenue of £4.3 million. Announcement • Jun 16
AssetCo plc Announces Directorate Changes National Grid announced that Jonathan Dawson, a Non-executive Director, was appointed as Senior Independent Non-executive Director of AssetCo plc, with effect from 15 June 2022. This follows AssetCo plc's acquisition of River and Mercantile Group plc, Jonathan Dawson stepped down as Chairman of River and Mercantile Group plc on 14 June 2022. Announcement • Jun 15
AssetCo Plc's Securities Ordinary Shares of 10P Each; Fully Paid Cancels from Trading on AIM Following a Reverse Takeover the AssetCo plc's securities ORDINARY SHARES OF 10P EACH; FULLY PAID have been cancelled from trading on AIM with effect from the time and date of June 15, 2022. Recent Insider Transactions • Jun 15
Insider recently bought UK£73k worth of stock On the 9th of June, Hugh Sergeant bought around 9k shares on-market at roughly UK£8.10 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 27% share price decline to UK£7.00, the stock trades at a trailing P/E ratio of 4x. Average forward P/E is 19x in the Commercial Services industry in the United Kingdom. Total returns to shareholders of 150% over the past three years. Valuation Update With 7 Day Price Move • May 30
Investor sentiment deteriorated over the past week After last week's 26% share price decline to UK£9.85, the stock trades at a trailing P/E ratio of 5.6x. Average forward P/E is 20x in the Commercial Services industry in the United Kingdom. Total returns to shareholders of 234% over the past three years. Price Target Changed • Apr 27
Price target decreased to UK£20.40 Down from UK£865, the current price target is provided by 1 analyst. New target price is 55% above last closing price of UK£13.20. Stock is up 5.6% over the past year. The company posted earnings per share of UK£1.81 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Alexander Butcher was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 01
AssetCo plc (AIM:ASTO) agreed to acquire Revera Asset Management Limited for £2.8 million. AssetCo plc (AIM:ASTO) agreed to acquire Revera Asset Management Limited for £2.8 million on February 28, 2022. The Consideration will be satisfied by the issue of 0.054639 million new ordinary shares of 10p each in the Company, fully paid and £1.9 million in cash, in each case to be paid on completion. Following completion of the Acquisition, Revera will work alongside Saracen Fund Managers Limited, another Edinburgh based asset manager, acquired by the Company in July 2021. Peter McKellar and Gary Collins, Deputy Chairman and Head of Distribution respectively of AssetCo, will join the board of Revera on completion. The Acquisition is conditional on, inter alia, approval by the FCA, which is expected to occur by the end of May 2022. The Company will provide further updates as appropriate. Arden Partners plc (AIM:ARDN) served as a financial advisor to AssetCo plc. Announcement • Jan 19
AssetCo Given More Time to Make River and Mercantile Bid AssetCo plc (AIM:ASTO) has been granted a further extension to its bid for River and Mercantile Group PLC (LSE:RIV) (R&M), as Premier Miton withdraws from proceedings The extension will require AssetCo to make an offer for the £4.4bn fund manager by 5pm on 25 January 2022, marking a second extension to the deal. AssetCo Chief Executive Officer Campbell Fleming said: ‘We welcome the board of River and Mercantile Group’s decision to extend the offer period. ‘Discussions have progressed over the festive period and into January 2022. The extended period will allow us to finalise a potential offer to acquire River and Mercantile (excluding its Solutions business) for the benefit of both AssetCo and River and Mercantile shareholders’. Fleming said there had been further meetings with additional members of R&M over recent weeks. Commenting on Premier Miton’s withdrawal, Chief Executive Officer Mike O’Shea said: ‘We are most grateful to the Board of RMG for their co-operation and assistance as we have assessed the merits of a possible transaction, especially so given the major changes ongoing in their business. ‘We have concluded that there are insufficient commercial merits for our shareholders to make a formal proposal for the acquisition of RMG’. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorated over the past week After last week's 26% share price decline to UK£15.20, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 46x in the Commercial Services industry in the United Kingdom. Total returns to shareholders of 285% over the past three years. Announcement • Jul 03
AssetCo plc (AIM:ASTO) reached an agreement to acquire 30% stake in Preservation Capital Partners Limited for £27.8 million. AssetCo plc (AIM:ASTO) reached an agreement to acquire 30% stake in Preservation Capital Partners Limited for £27.8 million on July 1, 2021. Following completion of the Acquisition, it has been agreed with Preservation Capital Partners that Gordon Neilly, an adviser to AssetCo and former global head of strategy and corporate development at Standard Life Aberdeen plc will join the board of Parmenion. The consideration will be paid in cash. Under the terms of agreement, payment of £20.6 million due on completion and up to £3.6 million due in each of March 2022 and March 2023. As December 31, 2020 Parmenion Capital Partners LLP reported revenue of £29.8 million, an operating profit of £1.0 million and net assets of £10.8 million. The acquisition is conditional on approval by the FCA, which is expected to occur by the end of September 2021. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improved over the past week After last week's 48% share price gain to UK£18.50, the stock trades at a trailing P/E ratio of 67.2x. Average trailing P/E is 36x in the Commercial Services industry in the United Kingdom. Total returns to shareholders of 436% over the past three years. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improved over the past week After last week's 24% share price gain to UK£11.50, the stock trades at a trailing P/E ratio of 41.8x. Average trailing P/E is 38x in the Commercial Services industry in the United Kingdom. Total returns to shareholders of 259% over the past three years. Is New 90 Day High Low • Feb 12
New 90-day high: UK£8.50 The company is up 107% from its price of UK£4.11 on 13 November 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 7.0% over the same period. Announcement • Jan 26
Assetco plc Appoints Martin Gilbert and Peter Mckellar as Directors AssetCo plc confirmed that regulatory approvals have been granted and both Martin Gilbert and Peter McKellar will join the Board as non-executive directors with immediate effect. Announcement • Jan 09
AssetCo plc (AIM:ASTO) acquired a 2.9% stake in River and Mercantile Group PLC (LSE:RIV) for £4.7 million. AssetCo plc (AIM:ASTO) acquired a 2.9% stake in River and Mercantile Group PLC (LSE:RIV) for £4.7 million on January 8, 2021. Under the terms of the transaction, AssetCo acquired 2.5 million ordinary shares in River and Mercantile Group Plc at £1.86 per share. John Llewellyn-Lloyd, Dan Gee-Summons and Nick Wright of Arden Partners plc acted as nominated advisor to AssetCo plc.
AssetCo plc (AIM:ASTO) completed the acquisition of a 2.9% stake in River and Mercantile Group PLC (LSE:RIV) on January 8, 2021. Is New 90 Day High Low • Jan 08
New 90-day high: UK£4.73 The company is up 15% from its price of UK£4.11 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 24
New 90-day low: UK£3.77 The company is down 4.0% from its price of UK£3.93 on 24 September 2020. The British market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 8.0% over the same period. Is New 90 Day High Low • Oct 02
New 90-day high: UK£4.11 The company is up 17% from its price of UK£3.50 on 03 July 2020. The British market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is flat over the same period. 