Major Estimate Revision • Jun 18
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from UK£955.7m to UK£946.1m. EPS estimate also fell from UK£1.42 per share to UK£1.19 per share. Net income forecast to grow 9.8% next year vs 10% growth forecast for Capital Markets industry in the United Kingdom. Consensus price target down from UK£24.09 to UK£20.12. Share price fell 15% to UK£16.24 over the past week. Price Target Changed • Jun 17
Price target decreased by 12% to UK£20.54 Down from UK£23.36, the current price target is an average from 8 analysts. New target price is 26% above last closing price of UK£16.30. Stock is down 6.4% over the past year. The company is forecast to post earnings per share of UK£1.19 for next year compared to UK£1.08 last year. Announcement • Jun 16
Rathbones Group plc and Rathbones Investment Management Limited Announce Board and Committee Changes Rathbones Group Plc announced the appointment of Angela Seymour-Jackson and Kathryn Purves as Independent Non-Executive Directors of the Company with effect from October 1, 2026 and July 1, 2026 respectively, subject to regulatory approval. Angela Seymour-Jackson and Kathryn Purves will become members of the Risk, Audit, Remuneration and Nomination Committees following their appointment to the Board. These appointments followed a formal and rigorous selection process led by the Nomination Committee and formed part of the Board's ongoing succession planning as well as commitment to maintaining a broad range of skills, experience and independence. As previously announced in the Company's preliminary results on February 27, 2026, Sarah Gentleman, whose tenure on the Board has exceeded nine years, will step down from the Board and as Senior Independent Director during the second half of the year. As part of the Board's succession planning, it is intended that Angela Seymour-Jackson will succeed Sarah Gentleman as Senior Independent Director, subject to regulatory approval. Angela Seymour-Jackson has over 30 years of experience in retail financial services. She is currently Chair of PageGroup plc and a Non-Executive Director of Janus Henderson Group plc, Trustpilot Group plc and Future plc. Angela Seymour-Jackson has previously served as Chief Executive Officer of RAC Motoring Services and has held senior executive roles at Aegon UK, Aviva, Norwich Union Insurance, General Accident Insurance, and CGU plc. Kathryn Purves is a highly experienced financial services executive and board leader, with expertise across investment management, wealth advisory, private equity-backed businesses, and risk and governance. Kathryn Purves most recently served as Chief Executive Officer of Aztec Group, having previously been Chair and a Non-Executive Director. Prior to this, Kathryn Purves was Group Chief Executive Officer of IFG Group plc, has served as Chair of Risk Committee at Nucleus and ICG Plc. Kathryn Purves was also Chair of Redington and Saunderson House. Kathryn Purves has held senior executive roles, including Chief Risk Officer of Partnership Assurance Group, and investment roles at Phoenix Equity, Deutsche Bank, Partners and UBS Capital. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to UK£16.20, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Capital Markets industry in the United Kingdom. Total loss to shareholders of 3.1% over the past three years. Upcoming Dividend • Apr 09
Upcoming dividend of UK£0.68 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 13 May 2026. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (3.3%). Reported Earnings • Apr 05
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: UK£1.08 (up from UK£0.63 in FY 2024). Revenue: UK£1.02b (up 3.6% from FY 2024). Net income: UK£112.3m (up 72% from FY 2024). Profit margin: 11% (up from 6.7% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Price Target Changed • Mar 11
Price target increased by 7.7% to UK£23.78 Up from UK£22.07, the current price target is an average from 10 analysts. New target price is 15% above last closing price of UK£20.65. Stock is up 27% over the past year. The company is forecast to post earnings per share of UK£1.43 for next year compared to UK£1.08 last year. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: UK£1.08 (vs UK£0.63 in FY 2024) Full year 2025 results: EPS: UK£1.08 (up from UK£0.63 in FY 2024). Revenue: UK£1.03b (up 2.3% from FY 2024). Net income: UK£112.3m (up 72% from FY 2024). Profit margin: 11% (up from 6.5% in FY 2024). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 3% per year. Declared Dividend • Mar 02
Final dividend increased to UK£0.68 Dividend of UK£0.68 is 7.9% higher than last year. Ex-date: 16th April 2026 Payment date: 13th May 2026 Dividend yield will be 4.4%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio). However, it is well covered by cash flows (10% cash payout ratio). The dividend has increased by an average of 6.7% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 1.9% to bring the payout ratio under control. EPS is expected to grow by 60% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Feb 17
Rathbones Group PLC Announces Resignation of Ruth Leas as Non-Executive Director, Effective February 13, 2026 Rathbones Group PLC announced that Ruth Leas, Non-Executive Director, has informed the Board of her decision to step down from the Company with effect from February 13, 2026. Ruth was nominated by Investec plc to join the Board as a Non-Executive Director following the completion of the Combination of Rathbones Group PLC and Investec Wealth & Investment UK on September 21, 2023. Following the successful integration of the businesses, Ruth has taken the decision to step down from the Board. Upcoming Dividend • Aug 28
Upcoming dividend of UK£0.31 per share Eligible shareholders must have bought the stock before 04 September 2025. Payment date: 01 October 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.0%. Lower than top quartile of British dividend payers (5.4%). Higher than average of industry peers (2.8%). Recent Insider Transactions • Aug 04
Independent Non-Executive Chairman recently bought UK£241k worth of stock On the 1st of August, Clive Christopher Bannister bought around 13k shares on-market at roughly UK£19.29 per share. This transaction amounted to 82% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Clive Christopher's only on-market trade for the last 12 months. Declared Dividend • Aug 01
First half dividend increased to UK£0.31 Dividend of UK£0.31 is 3.3% higher than last year. Ex-date: 4th September 2025 Payment date: 1st October 2025 Dividend yield will be 4.9%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is not covered by earnings (152% earnings payout ratio). However, it is well covered by cash flows (7% cash payout ratio). The dividend has increased by an average of 6.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 69% to bring the payout ratio under control. EPS is expected to grow by 158% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • May 09
Rathbones Group plc Approves Final Dividend for the Year Ended 31 December 2024 Rathbones Group Plc at its fifty-fourth Annual General Meeting held on 8 May 2025, approved to declare a final dividend of 63 pence per share for the year ended 31 December 2024. Upcoming Dividend • Apr 03
Upcoming dividend of UK£0.63 per share Eligible shareholders must have bought the stock before 10 April 2025. Payment date: 13 May 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.0%. Lower than top quartile of British dividend payers (6.1%). Higher than average of industry peers (2.8%). Reported Earnings • Apr 01
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: UK£0.63 (up from UK£0.53 in FY 2023). Revenue: UK£1.01b (up 50% from FY 2023). Net income: UK£65.5m (up 75% from FY 2023). Profit margin: 6.5% (up from 5.5% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 44%. Revenue is forecast to stay flat during the next 3 years compared to a 2.7% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 16
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at UK£16.56. The fair value is estimated to be UK£13.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has declined by 28%. For the next 3 years, revenue is forecast to grow by 0.6% per annum. Earnings are also forecast to grow by 35% per annum over the same time period. Announcement • Mar 10
Rathbones Announces Executive Changes Rathbones has appointed ex-Coutts private client boss Camilla Stowell (pictured) as CEO of its wealth arm. The appointment comes as Rupert Baron, current CEO of Rathbones Investment Management, prepares to retire at the end of May after 40 years in the industry –the last two decades of which were with Rathbones. Stowell left Coutts at the start of this year after 17 years with the business. She was most recently a managing director and head of private and commercial coverage. She is also a board member of Pimfa, the trade association for wealth management, investment services and financial advice. Stowell will assume her new post at Rathbones on 23 June, where she will oversee the firm’s investment management and financial planning arms. In the update, Rathbones also said it plans to enhance services to clients this year with new investment products and advisory solutions, particularly in the areas of inheritance planning and wealth decumulation. Major Estimate Revision • Mar 05
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from UK£1.21 to UK£1.34. Revenue forecast steady at UK£931.4m. Net income forecast to grow 119% next year vs 12% growth forecast for Capital Markets industry in the United Kingdom. Consensus price target broadly unchanged at UK£20.83. Share price fell 3.1% to UK£16.16 over the past week. Declared Dividend • Feb 28
Final dividend of UK£0.63 announced Shareholders will receive a dividend of UK£0.63. Ex-date: 10th April 2025 Payment date: 13th May 2025 Dividend yield will be 5.8%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is not covered by earnings (147% earnings payout ratio). However, it is well covered by cash flows (41% cash payout ratio). The dividend has increased by an average of 6.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 64% to bring the payout ratio under control. EPS is expected to grow by 146% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 27
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: UK£0.63 (up from UK£0.53 in FY 2023). Revenue: UK£1.01b (up 50% from FY 2023). Net income: UK£65.5m (up 75% from FY 2023). Profit margin: 6.5% (up from 5.5% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 44%. Revenue is forecast to stay flat during the next 3 years compared to a 4.7% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • Nov 04
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 130% Cash payout ratio: 91% Dividend yield: 5.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 130% Cash payout ratio: 91% Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (21% increase in shares outstanding). Upcoming Dividend • Aug 29
Upcoming dividend of UK£0.30 per share Eligible shareholders must have bought the stock before 05 September 2024. Payment date: 01 October 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.8%. Lower than top quartile of British dividend payers (5.5%). Higher than average of industry peers (2.8%). Reported Earnings • Aug 01
First half 2024 earnings released: EPS: UK£0.44 (vs UK£0.34 in 1H 2023) First half 2024 results: EPS: UK£0.44 (up from UK£0.34 in 1H 2023). Revenue: UK£490.0m (up 66% from 1H 2023). Net income: UK£45.5m (up 131% from 1H 2023). Profit margin: 9.3% (up from 6.7% in 1H 2023). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jul 31
Rathbones Group plc Announces Interim Dividend, Payable on 1 October 2024 Rathbones Group Plc announced in line with its progressive dividend policy, the company has increased its interim dividend by 3.4% to 30p (30 June 2023: 29p), reflecting the strength of our business and balance sheet. The record date will be 6 September 2024 and the dividend will be paid on 1 October 2024. Upcoming Dividend • Apr 11
Upcoming dividend of UK£0.24 per share Eligible shareholders must have bought the stock before 18 April 2024. Payment date: 14 May 2024. Payout ratio is on the higher end at 91% but the company is not cash flow positive. Trailing yield: 5.4%. Lower than top quartile of British dividend payers (6.0%). Higher than average of industry peers (3.1%). Announcement • Mar 09
Rathbones Group plc Recommends Final Dividend for 2023, Payable on 14 May 2024 The board of Rathbones Group Plc recommends a final dividend of 24 pence for 2023 (2022: 56 pence), making a total of 87 pence for the year (2022: 84 pence), an increase of 3.6% on 2022. This is consistent with progressive policy and is supported by strong capital position and robust balance sheet. The dividend will be paid on 14 May 2024, subject to shareholder approval at 2024 Annual General Meeting on 9 May 2024. Declared Dividend • Mar 08
Dividend reduced to UK£0.24 Dividend of UK£0.24 is 57% lower than last year. Ex-date: 18th April 2024 Payment date: 14th May 2024 Dividend yield will be 5.7%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is not covered by earnings (165% earnings payout ratio) and 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 6.1% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 84% to bring the payout ratio under control. EPS is expected to grow by 95% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Mar 07
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: UK£0.53 (down from UK£0.84 in FY 2022). Revenue: UK£668.4m (up 31% from FY 2022). Net income: UK£37.5m (down 23% from FY 2022). Profit margin: 5.6% (down from 9.6% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 42%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Dec 21
Rathbones Group Plc, Annual General Meeting, May 09, 2024 Rathbones Group Plc, Annual General Meeting, May 09, 2024. Announcement • Nov 17
Rathbones Group Plc to Report First Half, 2024 Results on Jul 31, 2024 Rathbones Group Plc announced that they will report first half, 2024 results on Jul 31, 2024 Major Estimate Revision • Nov 05
Consensus EPS estimates increase by 31% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from UK£0.661 to UK£0.867. Revenue forecast steady at UK£573.7m. Net income forecast to grow 120% next year vs 9.0% growth forecast for Capital Markets industry in the United Kingdom. Consensus price target broadly unchanged at UK£20.74. Share price rose 6.4% to UK£15.74 over the past week. Announcement • Oct 19
Rathbones Group Plc to Report Fiscal Year 2023 Results on Mar 06, 2024 Rathbones Group Plc announced that they will report fiscal year 2023 results on Mar 06, 2024 Board Change • Oct 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Ruth Leas was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 01
Rathbones Group plc Announces Directorate Change After four and a half years as Executive Director, the board of Rathbones Group Plc ("Rathbones") announced that Jennifer Mathias will step down from the board on 31 December 2023 and transition to the new position of Group Chief of Staff to support the integration of Investec Wealth & Investment Limited ("IW&I UK"). Jennifer will remain a member of Rathbones' Group Executive Committee in her new role. Major Estimate Revision • Sep 26
Consensus revenue estimates increase by 18% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from UK£483.8m to UK£572.1m. EPS estimate unchanged from UK£1.08 at last update. Capital Markets industry in the United Kingdom expected to see average net income growth of 9.9% next year. Consensus price target of UK£21.22 unchanged from last update. Share price rose 4.8% to UK£17.82 over the past week. New Risk • Sep 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 47% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 114% Paying a dividend despite having no free cash flows. High level of non-cash earnings (24% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (8.0% net profit margin). Shareholders have been diluted in the past year (47% increase in shares outstanding). Upcoming Dividend • Sep 12
Upcoming dividend of UK£0.34 per share at 3.6% yield Eligible shareholders must have bought the stock before 19 September 2023. Payment date: 11 October 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.6%. Lower than top quartile of British dividend payers (6.2%). In line with average of industry peers (3.5%). Announcement • Sep 06
Rathbones Group plc Announces Second Interim Dividend, payable on 11 October 2023 Rathbones Group Plc announced that the Directors have declared a second interim dividend of 34 pence per Rathbones Share, payment of which is conditional upon Completion of the Combination (‘Second Interim Dividend’). Shareholders who are on the register of members of Rathbones on 20 September 2023 (the ‘Record Date’) will be entitled to the Second Interim Dividend. The ex-dividend date for the Second Interim Dividend will be 19 September 2023 (i.e. the day before the Record Date). Payment of the Second Interim Dividend will take place on 11 October 2023. Major Estimate Revision • Aug 02
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from UK£0.902 to UK£1.01. Revenue forecast steady at UK£481.7m. Net income forecast to grow 43% next year vs 14% growth forecast for Capital Markets industry in the United Kingdom. Consensus price target of UK£20.84 unchanged from last update. Share price fell 4.7% to UK£17.62 over the past week. Announcement • Jul 29
Rathbones Group plc Announces Remuneration Committee Changes and Passing Away of Chief Client Officer, Anne-Marie McConnon Rathbones Group Plc announced that after six years Sarah Gentleman is stepping down as Chair of the Remuneration Committee to focus on her role as Senior Independent Director and to appoint Dharmash Mistry as new Remuneration Committee Chair, effective as of 1 September 2023, subject to regulatory approval. Dharmash joined the board as a non-executive director on 5 October 2021. The company announced the recent loss of Anne-Marie McConnon who suddenly passed away shortly after her arrival as first Chief Client Officer of Rathbones. New Risk • Jul 28
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 114% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 114% Paying a dividend despite having no free cash flows. High level of non-cash earnings (23% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (8.0% net profit margin). Announcement • Jul 27
Rathbones Group plc Announces Executive Changes Rathbones Group Plc announced that Mike Webb is retiring at the end of the year after nearly 14 years leading Rathbones’ unit trust business, handing the reins to Sanlam Investments co-founder Tom Carroll. Rathbones has appointed Sanlam Investments co-founder Tom Carroll as chief executive of Rathbones Unit Trust Management (RUTM). Jayne Rogers will also take on the newly-created role of executive chair of the funds division. Both appointments will be based in London and are subject to FCA approval. Carroll is replacing Mike Webb who is set to retire at the end of this year. Webb is also head of financial adviser distribution for Rathbones Group. Webb retires after nearly 14 years as CEO of RUTM, and has seen the division grow its assets from £1 billion to £12.2 billion. Prior to Rathbones, Webb was head of business development at Hermes for three years, and was CEO of Invesco Perpetual between 1998 and 2004. Carroll joined Rathbones in March last year as CIO of RUTM after 15 years at Sanlam Investments, which he co-founded in 2006. He has also held fund management roles at Schroders and M&G.Rogers joins from four years at Morgan Stanley Investment Management where she was latterly EMEA head of strategic initiatives. In her new role, she will work closely with Carroll on RUTM’s strategy and growth ambitions. Prior to Morgan Stanley, Rogers held asset management roles at Northern Trust, Robeco, KPMG, and Mercer. Rogers will also take over as chair of the RUTM board, replacing Rathbones group CEO Paul Stockton. Reported Earnings • Jul 27
First half 2023 earnings released: EPS: UK£0.34 (vs UK£0.43 in 1H 2022) First half 2023 results: EPS: UK£0.34 (down from UK£0.43 in 1H 2022). Revenue: UK£294.4m (up 15% from 1H 2022). Net income: UK£19.7m (down 21% from 1H 2022). Profit margin: 6.7% (down from 9.8% in 1H 2022). Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jul 26
Rathbones Group plc Announces Interim Dividend, Payable on 25 August 2023 Rathbones Group Plc announced in line with its progressive dividend policy, the company has increased its interim dividend by 3.6% to 29 pence (30 June 2022: 28 pence). The record date will be 4 August 2023 and the dividend will be paid on 25 August 2023. Announcement • May 05
Rathbones Group Plc Announces Final Dividend for December 31, 2022, payable on May 9, 2023 Rathbones Group Plc announced the final dividend for 31 December 2022 of 56 pence per share will be paid on 9 May 2023. Upcoming Dividend • Apr 13
Upcoming dividend of UK£0.56 per share at 4.2% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 09 May 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.2%. Lower than top quartile of British dividend payers (5.9%). Higher than average of industry peers (3.5%). Reported Earnings • Mar 02
Full year 2022 earnings released Full year 2022 results: Net income: UK£49.0m (down 35% from FY 2021). Revenue is forecast to grow 56% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Capital Markets industry in the United Kingdom. Announcement • Jan 19
Rathbones Group Names Anne-Marie McConnon as Chief Client Officer and Member of the Group Executive Committee Rathbones Group has announced the appointment of Anne-Marie McConnon as Chief Client Officer and will be a member of the Group Executive Committee, reporting directly to Paul Stockton, Group Chief Executive Officer. She will join the company in May 2023. An experienced business leader, McConnon joins Rathbones from BNY Mellon Investment Management, where she held the position of Global Chief Marketing & Client Experience Officer. Upcoming Dividend • Aug 25
Upcoming dividend of UK£0.28 per share Eligible shareholders must have bought the stock before 01 September 2022. Payment date: 04 October 2022. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of British dividend payers (5.3%). Higher than average of industry peers (3.3%). Major Estimate Revision • Aug 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from UK£1.17 to UK£1.05 per share. Revenue forecast steady at UK£474.6m. Net income forecast to shrink 0.3% next year vs 8.5% decline forecast for Capital Markets industry in the United Kingdom. Consensus price target down from UK£22.58 to UK£21.62. Share price was steady at UK£18.32 over the past week. Reported Earnings • Jul 29
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down UK£38.0m from profit in 1H 2021). Profit margin: (down from 17% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 1.3% compared to a 9.8% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Recent Insider Transactions • May 12
Insider recently sold UK£105k worth of stock On the 5th of May, Sarah Owen-Jones sold around 5k shares on-market at roughly UK£20.85 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Upcoming Dividend • Apr 14
Upcoming dividend of UK£0.54 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 10 May 2022. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of British dividend payers (4.6%). Higher than average of industry peers (3.0%). 
