Law Debenture Corp. (LWDB)

Sector:

Investment Firms

Index:

FTSE 250

889.00p
   
  • Change Today:
    -3.00p
  • 52 Week High: 894.00p
  • 52 Week Low: 721.00p
  • Currency: UK Pounds
  • Shares Issued: 131.18m
  • Volume: 117,323
  • Market Cap: £1,166.19m
  • RiskGrade: 140

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 4.0% 4.0% 3.6% 4.0% 4.0%
           
Continuing Operations          
PE Ratio - Adjusted 24.0 22.4 28.4 32.0 21.2
PE Ratio - Diluted 24.0
24.0		 22.4
22.4		 28.5
28.5		 32.0
32.0		 21.2
21.4
PEG - Adjusted n/a 1.0 0.9 n/a 0.5
PEG - Diluted n/a
n/a		 1.0
1.0		 0.9
0.9		 n/a
n/a		 0.5
0.5
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Operating Margin 49.31%
49.31%		 51.99%
51.99%		 47.96%
47.96%		 48.96%
48.96%		 58.42%
58.42%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 24.0 22.4 2,817.9 32.0 21.2
PE Ratio - Diluted 24.0
24.0		 22.4
22.4		 2,818.9
2,818.5		 32.0
32.0		 21.2
21.4
PEG - Adjusted n/a 0.0 n/a n/a 0.0
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 n/a
n/a		 0.0
0.0

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Net Gearing 16.18% 15.14% 15.33% 10.74% 5.68%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Price/Book Value 1.2 1.2 1.1 1.1 1.0
Price/Tangible Book Value 1.2 1.2 1.1 1.1 1.0
Price/ Cash Flow 23.5 25.0 30.6 25.6 20.6
Price/Revenue 10.99 10.88 1,258.11 14.27 11.51
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 641.20p 618.18p 705.92p 613.06p 654.28p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Continuing Operations          
Revenue 94.61 89.03 0.77 57.14 66.74
EBITDA 48.84
48.84		 48.22
48.22		 0.39
0.39		 29.25
29.25		 38.99
38.99
Depreciation (2.19)
(2.19)		 (1.93)
(1.93)		 (0.02)
(0.02)		 (1.27)
(1.27)		 n/a
n/a
Net Interest (1.63)
(1.63)		 (1.64)
(1.64)		 (0.01)
(0.01)		 (1.32)
(1.32)		 (1.32)
(1.32)
Profit Before Tax 45.01
45.01		 44.65
44.65		 0.36
0.36		 26.66
26.66		 37.67
37.67
           
Revenue per Share 72.90p 70.87p 0.64p 48.36p 56.47p
Pre-Tax Profit per Share 34.68p
34.68p		 35.54p
35.54p		 0.29p
0.29p		 22.56p
22.56p		 31.88p
31.88p
Market Capitalisation £ (Millions) 1,050.85 988.21 982.10 817.34 769.79
Enterprise Value (EV) £ (Millions) 1,211.87 1,153.33 1,146.14 930.61 878.59
EBITDA/EV 4.03%
4.03%		 4.18%
4.18%		 0.03%
0.03%		 3.14%
3.14%		 4.44%
4.44%
Operating Margin 49.31%
49.31%		 51.99%
51.99%		 47.96%
47.96%		 48.96%
48.96%		 58.42%
58.42%
Capital Employed £ (Millions) 1,003.61 948.52 1,028.06 844.27 888.59
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Invested Equity Capital £ (Millions) 856.02 800.41 879.90 726.99 775.39
           
Earnings per Share - Basic 33.43p
33.43p		 34.44p
34.44p		 28.09p
28.09p		 21.56p
21.56p		 30.68p
30.68p
Earnings per Share - Diluted 33.41p
33.42p		 34.42p
34.43p		 28.08p
28.08p		 21.56p
21.56p		 30.67p
30.42p
Earnings per Share - Adjusted 33.43p 34.44p 28.09p 21.56p 30.68p
Earnings per Share Growth - Basic -3%
-3%		 23%
23%		 30%
30%		 -30%
-30%		 44%
44%
Earnings per Share Growth - Diluted -3%
-3%		 23%
23%		 30%
30%		 -30%
-29%		 44%
43%
Earnings per Share Growth - Adjusted -3% 23% 30% -30% 44%
PE Ratio - Diluted 24.0
24.0		 22.4
22.4		 28.5
28.5		 32.0
32.0		 21.2
21.4
PEG - Diluted n/a
n/a		 1.0
1.0		 0.9
0.9		 n/a
n/a		 0.5
0.5
Tax Rate 3.61% 3.12% 3.43% 4.42% 3.77%
Dividend Cover 1.04
1.04		 1.13
1.13		 0.97
0.97		 0.78
0.78		 1.18
1.18
Interest Cover 28.53
28.53		 28.29
28.29		 27.75
27.75		 21.19
21.19		 29.56
29.56
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 33.43p
33.43p		 34.44p
34.44p		 0.28p
0.28p		 21.56p
21.56p		 30.68p
30.68p
Earnings per Share - Diluted 33.41p
33.42p		 34.42p
34.43p		 0.28p
0.28p		 21.56p
21.56p		 30.67p
30.42p
Earnings per Share - Adjusted 33.43p 34.44p 0.28p 21.56p 30.68p
Earnings per Share Growth - Basic -3%
-3%		 12,046%
12,044%		 -99%
-99%		 -30%
-30%		 1,344%
1,344%
Earnings per Share Growth - Diluted -3%
-3%		 12,044%
12,044%		 -99%
-99%		 -30%
-29%		 1,344%
1,332%
Earnings per Share Growth - Adjusted -3% 12,046% -99% -30% 1,344%
PE Ratio - Diluted 24.0
24.0		 22.4
22.4		 2,818.9
2,818.5		 32.0
32.0		 21.2
21.4
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 n/a
n/a		 0.0
0.0
Dividend Cover 1.04
1.04		 1.13
1.13		 0.01
0.01		 0.78
0.78		 1.18
1.18
Return on Equity (ROE) 5.07%
5.07%		 5.40%
5.40%		 0.04%
0.04%		 3.50%
3.50%		 4.68%
4.68%
Operating Cash Flow per Share 34.08p 30.87p 26.10p 26.93p 31.62p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (13.28p) 8.24p (0.057p) (24.77p) (44.44p)
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 32.00p 30.50p 29.00p 27.50p 26.00p
Dividend per Share Growth 4.92% 5.17% 5.45% 5.77% 37.57%
Dividend Yield 4.0% 4.0% 3.6% 4.0% 4.0%
Shareholders Funds 854.23 799.07 878.84 726.99 775.27
Net Borrowings £ (Millions) 138.19 121.00 134.77 78.04 44.00
Net Asset Value per Share (inc. Intangibles) 641.20p 618.18p 705.92p 613.06p 654.28p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds inc Intangibles 854.23 799.07 878.84 726.99 775.27
Net Borrowings £ (Millions) 138.19 121.00 134.77 78.04 44.00
Net Gearing 16.18% 15.14% 15.33% 10.74% 5.68%
Cash & Near Cash 31.44 49.56 35.88 41.76 71.24
Cash 3.68% 6.20% 4.08% 5.74% 9.19%
Gross Borrowings 169.63 170.56 170.65 119.81 115.24
Gross Gearing 19.86% 21.34% 19.42% 16.48% 14.86%
Borrowings Under 5 years 169.63 170.56 170.65 119.81 115.24
Under 5 years 19.86% 21.34% 19.42% 16.48% 14.86%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds exc Intangibles 832.19 776.61 856.35 724.46 773.24
Net Borrowings £ (Millions) 138.19 121.00 134.77 78.04 44.00
Net Gearing 16.61% 15.58% 15.74% 10.77% 5.69%
Cash & Near Cash 31.44 49.56 35.88 41.76 71.24
Cash 3.78% 6.38% 4.19% 5.76% 9.21%
Gross Borrowings 169.63 170.56 170.65 119.81 115.24
Gross Gearing 20.38% 21.96% 19.93% 16.54% 14.90%
Borrowings Under 5 years 169.63 170.56 170.65 119.81 115.24
Under 5 years 20.38% 21.96% 19.93% 16.54% 14.90%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Quick Ratio n/a n/a n/a n/a n/a
Current Ratio 1.73 2.53 1.67 1.96 4.10
Interest Cover 28.53
28.53		 28.29
28.29		 27.75
27.75		 21.19
21.19		 29.56
29.56

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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