LSE:BRW

Stock Analysis Report

Executive Summary

Brewin Dolphin Holdings PLC, together with its subsidiaries, provides wealth management services in the United Kingdom, the Channel Islands, and the Republic of Ireland.

Snowflake

Fundamentals

Reasonable growth potential average dividend payer.


Similar Companies

Share Price & News

How has Brewin Dolphin Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

7.3%

BRW

3.7%

GB Capital Markets

2.3%

GB Market


1 Year Return

4.1%

BRW

22.2%

GB Capital Markets

2.5%

GB Market

Return vs Industry: BRW underperformed the UK Capital Markets industry which returned 22.2% over the past year.

Return vs Market: BRW exceeded the UK Market which returned 2.5% over the past year.


Shareholder returns

BRWIndustryMarket
7 Day7.3%3.7%2.3%
30 Day3.2%-2.9%-1.3%
90 Day5.6%4.1%-1.9%
1 Year9.4%4.1%25.2%22.2%7.4%2.5%
3 Year44.3%26.4%82.6%69.6%18.8%4.3%
5 Year54.9%25.4%155.9%124.6%36.4%6.8%

Price Volatility Vs. Market

How volatile is Brewin Dolphin Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Brewin Dolphin Holdings undervalued compared to its fair value and its price relative to the market?

5.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: BRW (£3.32) is trading below our estimate of fair value (£3.51)

Significantly Undervalued: BRW is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: BRW is poor value based on its PE Ratio (18.4x) compared to the Capital Markets industry average (18.5x).

PE vs Market: BRW is poor value based on its PE Ratio (18.4x) compared to the UK market (16.4x).


Price to Earnings Growth Ratio

Low PEG Ratio: BRW is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: BRW is overvalued based on its PB Ratio (3.5x) compared to the GB Capital Markets industry average (1.3x).


Next Steps

Future Growth

How is Brewin Dolphin Holdings forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

15.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BRW's forecast earnings growth (15.3% per year) is above the savings rate (1.2%).

Earnings vs Market: BRW's earnings (15.3% per year) are forecast to grow faster than the UK market (12.4% per year).

High Growth Earnings: BRW's earnings are forecast to grow, but not significantly.

Revenue vs Market: BRW's revenue (9.1% per year) is forecast to grow faster than the UK market (4.1% per year).

High Growth Revenue: BRW's revenue (9.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: BRW's Return on Equity is forecast to be high in 3 years time (21.3%)


Next Steps

Past Performance

How has Brewin Dolphin Holdings performed over the past 5 years?

19.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: BRW's earnings have grown by 19% per year over the past 5 years.

Accelerating Growth: BRW's earnings growth over the past year (0.3%) is below its 5-year average (19% per year).

Earnings vs Industry: BRW earnings growth over the past year (0.3%) underperformed the Capital Markets industry 4.6%.


Return on Equity

High ROE: BRW's Return on Equity (19.2%) is considered low.


Return on Assets

ROA vs Industry: BRW has a higher Return on Assets than the Capital Markets industry average last year.


Return on Capital Employed

ROCE Improving: BRW has improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Brewin Dolphin Holdings's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: BRW has a low level of unsold assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if BRW's debt is covered by short term assets.


Financial Institutions Analysis

Asset Level: BRW's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if BRW has a sufficient allowance for bad loans.

Low Risk Liabilities: BRW reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if BRW has an acceptable proportion of non-loan assets held.

Low Risk Deposits: BRW has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if BRW has an appropriate level of bad loans.


Next Steps

Dividend

What is Brewin Dolphin Holdings's current dividend yield, its reliability and sustainability?

4.94%

Current Dividend Yield


Dividend Yield vs Market

company4.9%marketbottom25%2.0%markettop25%5.4%industryaverage2.1%forecastin3Years5.5%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: BRW's dividend (4.94%) is higher than the bottom 25% of dividend payers in the UK market (2%).

High Dividend: BRW's dividend (4.94%) is low compared to the top 25% of dividend payers in the UK market (5.44%).

Stable Dividend: BRW's dividends per share have been stable in the past 10 years.

Growing Dividend: BRW's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (90.8%), BRW's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BRW's dividends in 3 years are forecast to be covered by earnings (81.1% payout ratio).


Next Steps

Management

What is the CEO of Brewin Dolphin Holdings's salary, the management and board of directors tenure and is there insider trading?

5.5yrs

Average management tenure


CEO

David Nicol (62yo)

6.6yrs

Tenure

UK£1,221,000

Compensation

Mr. David Richardson Nicol, CA, Chartered FCSI is the Chief Executive Officer at Brewin Dolphin Holdings plc since March 21, 2013, and its Non-Executive Director since March 1, 2012. Mr. Nicol serves as Ch ...


CEO Compensation Analysis

Compensation vs. Market: David's total compensation ($USD1.56M) is about average for companies of similar size in the UK market ($USD1.81M).

Compensation vs Earnings: David's compensation has been consistent with company performance over the past year.


Management Age and Tenure

5.5yrs

Average Tenure

Experienced Management: BRW's management team is seasoned and experienced (5.5 years average tenure).


Board Age and Tenure

3.3yrs

Average Tenure

58yo

Average Age

Experienced Board: BRW's board of directors are considered experienced (3.3 years average tenure).


Insider Trading

Insider Buying: BRW insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUK£99,48628 Aug 19
Siobhan Boylan
EntityIndividual
Role
Member of the Board of Directors
Finance Director & Director
Shares33,118
Max PriceUK£3.00
BuyUK£169,02505 Dec 18
David Nicol
EntityIndividual
Role
Chief Executive Officer
CEO & Executive Director
Shares51,282
Max PriceUK£3.30
BuyUK£37,30405 Dec 18
Nicholas Fitzgerald
EntityIndividual
Role
Senior Key Executive
Managing Director of Financial Planning
Shares11,318
Max PriceUK£3.30

Ownership Breakdown


Management Team

  • Angela Wright

    Group Chief Accountant

    • Tenure: 0yrs
  • David Myrddin-Evans

    Head of Cardiff Office

    • Tenure: 0yrs
  • Lynne Lamont

    Head of Charities for Scotland & Northern Ireland

    • Tenure: 0yrs
  • Siobhan Boylan (50yo)

    Finance Director & Director

    • Tenure: 0.6yrs
  • David Nicol (62yo)

    CEO & Executive Director

    • Tenure: 6.6yrs
    • Compensation: UK£1.22m
  • Richard Kelly

    Head of Office

    • Tenure: 0yrs
  • Nick Fitzgerald

    Managing Director of Financial Planning

    • Tenure: 0yrs
  • David Berry

    Head of Business Support

    • Tenure: 5.5yrs
  • Gregory Thorpe

    Director of Marketing & Communications

    • Tenure: 0yrs
  • D. Orford

    Head of Investor Relations

    • Tenure: 0yrs

Board Members

  • Simon Miller (66yo)

    Non-Executive Chairman

    • Tenure: 6.6yrs
    • Compensation: UK£180.00k
  • Caroline Taylor

    Non-Executive Director

    • Tenure: 5.4yrs
    • Compensation: UK£70.00k
  • Siobhan Boylan (50yo)

    Finance Director & Director

    • Tenure: 0.6yrs
  • Mike Kellard (58yo)

    Non-Executive Director

    • Tenure: 1.8yrs
    • Compensation: UK£50.00k
  • David Nicol (62yo)

    CEO & Executive Director

    • Tenure: 6.6yrs
    • Compensation: UK£1.22m
  • Kath Cates Shailer (56yo)

    Non-Executive Director

    • Tenure: 4.8yrs
    • Compensation: UK£85.00k
  • Ian Dewar (61yo)

    Senior Independent Non-Executive Director

    • Tenure: 0.3yrs
    • Compensation: UK£75.00k
  • Simonetta Rigo (49yo)

    Non-Executive Director

    • Tenure: 1.3yrs
    • Compensation: UK£19.00k

Company Information

Brewin Dolphin Holdings PLC's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Brewin Dolphin Holdings PLC
  • Ticker: BRW
  • Exchange: LSE
  • Founded: 1762
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: UK£977.131m
  • Shares outstanding: 294.49m
  • Website: https://www.brewin.co.uk

Number of Employees


Location

  • Brewin Dolphin Holdings PLC
  • 12 Smithfield Street
  • London
  • Greater London
  • EC1A 9BD
  • United Kingdom

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BRWLSE (London Stock Exchange)YesOrdinary SharesGBGBPJun 1994
BDNH.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJun 1994
BRWLBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBGBPJun 1994

Biography

Brewin Dolphin Holdings PLC, together with its subsidiaries, provides wealth management services in the United Kingdom, the Channel Islands, and the Republic of Ireland. It also offers investment managemen ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/15 20:35
End of Day Share Price2019/10/15 00:00
Earnings2019/03/31
Annual Earnings2018/09/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.